<SEC-DOCUMENT>0001628280-25-023811.txt : 20250508
<SEC-HEADER>0001628280-25-023811.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508161623
ACCESSION NUMBER:		0001628280-25-023811
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		132
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANNALY CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0001043219
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				223479661
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13447
		FILM NUMBER:		25926372

	BUSINESS ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 696 0100

	MAIL ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANNALY MORTGAGE MANAGEMENT INC
		DATE OF NAME CHANGE:	19970729
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>nly-20250331.htm
<DESCRIPTION>10-Q
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style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">10-Q</ix:nonNumeric> </span></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentQuarterlyReport" format="ixt-sec:boolballotbox" id="f-2">&#9745;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-6">ANNALY CAPITAL MANAGEMENT INC</ix:nonNumeric> </span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact Name of Registrant as Specified in its Charter)</span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-top:5pt;padding-left:31.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.988%"><tr><td style="width:1.0%"/><td style="width:31.000%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.000%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:34.700%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-7">Maryland</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-8">22-3479661</ix:nonNumeric></span></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(State or other jurisdiction of incorporation or organization)</span></td><td colspan="3" style="padding:2px 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:Security12bTitle" id="f-15">Common Stock, par value $0.01 per share</ix:nonNumeric></span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:TradingSymbol" id="f-16">NLY</ix:nonNumeric></span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-17">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  <ix:nonNumeric contextRef="c-1" name="dei:EntityCurrentReportingStatus" id="f-27">Yes</ix:nonNumeric> </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9745;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160; &#160; No </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  <ix:nonNumeric contextRef="c-1" name="dei:EntityInteractiveDataCurrent" id="f-28">Yes</ix:nonNumeric> </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9745;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160; &#160; No </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:510.75pt"><tr><td style="width:1.0pt"/><td style="width:76.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:10.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:19.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:52.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:10.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:19.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:76.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:10.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:19.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:76.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:10.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:19.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:76.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:10.00pt"/><td style="width:1.0pt"/></tr><tr style="height:32pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFilerCategory" format="ixt-sec:entityfilercategoryen" id="f-29">Large accelerated filer</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9745;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accelerated <br/>filer</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-accelerated filer</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Smaller reporting company</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntitySmallBusiness" format="ixt-sec:boolballotbox" id="f-30">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-31">&#9744;</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&#160; Yes </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityShellCompany" format="ixt-sec:boolballotbox" id="f-32">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160; No&#160; </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9745;</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of shares of the registrant&#8217;s Common Stock outstanding on April 30, 2025 was <ix:nonFraction unitRef="shares" contextRef="c-6" decimals="INF" name="dei:EntityCommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-33">605,089,071</ix:nonFraction>.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_7"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">WEBSITE AND SOCIAL MEDIA DISCLOSURE</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use our website (www.annaly.com) and LinkedIn account (www.linkedin.com/company/annaly-capital-management) as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Annaly when you enroll your email address by visiting the &#8220;News &amp; Insights&#8221; section of our website, then clicking on &#8220;Subscribe&#8221; and completing the email notification form. Our website, any alerts and social media channels are not incorporated into this quarterly report on Form 10-Q.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_10"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:93.629%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.171%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC.</span></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FORM 10-Q</span></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TABLE OF CONTENTS</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_13">PART I&#160; -&#160; FINANCIAL INFORMATION</a></span></div></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Page</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_16">Item 1.&#160; Financial Statements</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_13">1</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_19">Consolidated Statements of Financial Condition at </a>March 31, 2025<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_19"> (Unaudited) and </a>December 31, 2024<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_19"> (Derived from the audited consolidated financial statements at December 31, </a>2024<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_19">)</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_19">1</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_22">Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the </a>three<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_22"> months ended </a>March 31, 2025<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_22"> and </a>2024 </span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_22">2</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_31">Consolidated Statements of Stockholders&#8217; Equity (Unaudited) for the </a>three<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_31"> months ended </a>March 31, 2025<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_31"> and </a>2024</span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_31">3</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_40">Consolidated Statements of Cash Flows (Unaudited) for the </a>three<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_40">&#160;months ended </a>March 31, 2025<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_40"> and </a>2024</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_40">4</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_43">Notes to Consolidated Financial Statements (Unaudited)</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_43">5</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_49">Note 1. Description of Business</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_49">5</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_52">Note 2. Basis of Presentation</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_52">5</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_55">Note 3. Significant Accounting Policies</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_55">5</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_58">Note 4. Financial Instruments</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_58">8</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_61">Note 5. Securities</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_61">8</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_64">Note 6. Loans</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_64">12</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_73">Note 7. Mortgage Servicing Rights</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_73">14</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_82">Note 8. Variable Interest Entities</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_82">14</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_85">Note 9. Derivative Instruments</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_85">15</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_97">Note 10. Fair Value Measurements</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_97">20</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_103">Note 11. Intangible Assets</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_103">23</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_106">Note 12. Secured Financing</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_106">24</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_109">Note 13. Capital Stock</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_109">26</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_118">Note 14. Interest Income and Interest Expense</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_118">28</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_127">Note 15. Net Income (Loss) per Common Share</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_127">29</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_136">Note 16. Income Taxes</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_136">29</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_139">Note 17. Segments</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_139">30</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_142">Note 18. Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_142">32</a></span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_145">Note 19. Lease Commitments and Contingencies</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_145">33</a></span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_148">Note 20. Subsequent Events</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_148">34</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_151">Item 2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_151">35</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_157">Special Note Regarding Forward-Looking Statements</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_157">35</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_163">Overview</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_163">37</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_169">Business Environment</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_169">37</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_175">Results of Operations</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_175">39</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_259">Financial Condition</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_259">51</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_271">Capital Management</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_271">54</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_283">Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_283">56</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_328">Critical Accounting Estimates</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_328">65</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_355">Glossary of Terms</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_355">68</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_358">Item 3. Quantitative and Qualitative Disclosures about Market Risk</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_358">77</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_361">Item 4. Controls and Procedures</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_361">77</a></span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_364">PART II&#160; -&#160; OTHER INFORMATION</a></span></div></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_367">Item 1. Legal Proceedings</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_367">78</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_370">Item 1A. Risk Factors</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_370">78</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_373">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_373">78</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_376">Item 5. Other Information</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_376">78</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_382">Item 6. Exhibits</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_382">79</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_388">SIGNATURES</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_388">II-1</a></span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_13"></div><hr style="page-break-after:always"/><div style="min-height:49.5pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="text-align:center"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">PART I - FINANCIAL INFORMATION</span></div><div id="i3de122f22f784b6a9a44350d49aac173_16"></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 1. FINANCIAL STATEMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_19"></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:76.465%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.899%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES<br/>CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION<br/>(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td></tr><tr><td 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name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-46">69,756,447</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans, net (includes pledged assets of $<ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-47">3,708,202</ix:nonFraction> and $<ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" 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style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" format="ixt:num-dot-decimal" scale="3" id="f-55">24,464,281</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 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format="ixt:num-dot-decimal" scale="3" id="f-57">67,257</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-58">225,351</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LiabilitiesAndStockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-122">105,115,346</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:LiabilitiesAndStockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-123">103,556,384</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="12" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><ix:footnote id="fn-1" footnoteRole="http://www.xbrl.org/2003/role/footnote"><div 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Condition.&#160;</span></div></ix:footnote></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:top"><ix:footnote id="fn-4" footnoteRole="http://www.xbrl.org/2003/role/footnote"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes $<ix:nonFraction unitRef="usd" contextRef="c-15" decimals="-5" name="us-gaap:LoansReceivableHeldForSaleAmount" scale="6" id="f-128">6.3</ix:nonFraction> million and $<ix:nonFraction unitRef="usd" contextRef="c-16" decimals="-5" name="us-gaap:LoansReceivableHeldForSaleAmount" format="ixt:num-dot-decimal" scale="6" id="f-129">10.0</ix:nonFraction>&#160;million of residential mortgage loans held for 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.748%"><tr><td style="width:1.0%"/><td style="width:72.221%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.797%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.683%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.799%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES<br/>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)<br/>(dollars in thousands, except per share data)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Unaudited)</span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For The Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" 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id="f-131">1,094,488</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-132">1,097,137</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-133">1,100,939</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestIncomeExpenseNet" format="ixt:num-dot-decimal" scale="3" id="f-134">219,971</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:InterestIncomeExpenseNet" format="ixt:num-dot-decimal" scale="3" id="f-135">6,451</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FeesAndCommissionsMortgageBankingAndServicing" format="ixt:num-dot-decimal" scale="3" id="f-136">140,435</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:FeesAndCommissionsMortgageBankingAndServicing" format="ixt:num-dot-decimal" scale="3" id="f-137">115,084</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:ServicingAndRelatedExpense" format="ixt:num-dot-decimal" scale="3" id="f-138">14,113</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:ServicingAndRelatedExpense" format="ixt:num-dot-decimal" scale="3" id="f-139">12,216</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:NetServicingIncome" format="ixt:num-dot-decimal" scale="3" id="f-140">126,322</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:NetServicingIncome" format="ixt:num-dot-decimal" scale="3" id="f-141">102,868</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net gains (losses) on investments and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GainLossOnInvestments" format="ixt:num-dot-decimal" scale="3" id="f-142">810,812</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:GainLossOnInvestments" format="ixt:num-dot-decimal" scale="3" id="f-143">994,127</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net gains (losses) on derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="nly:DerivativeGainLossonDerivativeNetIncludingUSTreasuries" format="ixt:num-dot-decimal" scale="3" id="f-144">977,867</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:DerivativeGainLossonDerivativeNetIncludingUSTreasuries" format="ixt:num-dot-decimal" scale="3" id="f-145">1,377,144</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherNonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-146">7,398</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:OtherNonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-147">23,367</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total other income (loss)</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:NonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-148">159,657</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:NonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-149">406,384</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">General and administrative expenses</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Compensation expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:LaborAndRelatedExpense" format="ixt:num-dot-decimal" scale="3" id="f-150">37,297</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:LaborAndRelatedExpense" format="ixt:num-dot-decimal" scale="3" id="f-151">28,721</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other general and administrative expenses</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherGeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-152">10,767</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:OtherGeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-153">9,849</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 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7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PreferredStockDividendsAndOtherAdjustments" format="ixt:num-dot-decimal" scale="3" id="f-192">37,157</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 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style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:ComprehensiveIncomeLossAttributableToCommonStockHolders" format="ixt:num-dot-decimal" scale="3" id="f-194">317,347</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:ComprehensiveIncomeLossAttributableToCommonStockHolders" format="ixt:num-dot-decimal" scale="3" id="f-195">479,313</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">See notes to consolidated financial statements.</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_31"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:79.970%"><tr><td style="width:1.0%"/><td style="width:69.649%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.445%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.245%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.714%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.247%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES<br/>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY<br/>(dollars in thousands, except per share data)<br/>(Unaudited)</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For The Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Preferred stock</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning of period</span></div></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-18" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-196">1,536,569</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-19" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-197">1,536,569</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">End of period</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-20" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-198">1,536,569</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-21" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-199">1,536,569</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Common stock</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning of period</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-22" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-200">5,784</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-201">5,001</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-24" 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style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock-based award activity</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning of period</span></div></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-28" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-208">25,257,716</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-29" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-209">23,672,391</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-30" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" format="ixt:num-dot-decimal" scale="3" id="f-210">495,274</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-31" decimals="-3" sign="-" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="f-211">48</ix:nonFraction>)</span></td><td 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name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-213">1,344</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">End of period</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-32" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-214">25,749,468</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-215">23,673,687</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-35" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-217">1,335,400</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span 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style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-37" decimals="-3" sign="-" name="us-gaap:OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-221">335,351</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">End of period</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-38" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-222">787,402</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.25pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.25pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-39" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-223">1,281,918</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.25pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated deficit</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning of period</span></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-40" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-224">13,173,146</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-225">12,622,768</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to Annaly</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:NetIncomeLoss" format="ixt:num-dot-decimal" scale="3" id="f-226">124,224</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-43" decimals="-3" name="us-gaap:NetIncomeLoss" format="ixt:num-dot-decimal" scale="3" id="f-227">462,892</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared on preferred stock</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-228">37,157</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-43" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-229">37,061</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends and dividend equivalents declared on common stock and stock-based awards</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:DividendsCommonStockCash" format="ixt:num-dot-decimal" scale="3" id="f-230">423,863</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-43" decimals="-3" name="us-gaap:DividendsCommonStockCash" format="ixt:num-dot-decimal" scale="3" id="f-231">326,872</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">End of period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-44" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-232">13,509,942</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-45" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-233">12,523,809</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total stockholder&#8217;s equity</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-46" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-234">12,994,716</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-47" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-235">11,409,533</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncontrolling interests</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning of period</span></div></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-48" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-236">87,711</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-49" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-237">89,298</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to noncontrolling interests</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-50" decimals="-3" sign="-" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-238">6,081</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-51" decimals="-3" sign="-" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-239">2,282</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity contributions from (distributions to) noncontrolling interests</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-50" decimals="-3" name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" format="ixt:num-dot-decimal" scale="3" id="f-240">4,000</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" 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style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total equity</span></td><td colspan="3" style="padding:0 1pt"/><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-244">13,084,508</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-245">11,496,113</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="15" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><ix:footnote id="fn-5" footnoteRole="http://www.xbrl.org/2003/role/footnote"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Refer to the &#8220;Capital Stock&#8221; Note for dividends per share for each class of shares.</span></div></ix:footnote></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See notes to consolidated financial statements.</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_40"></div><hr style="page-break-after:always"/><div style="min-height:40.5pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.221%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.788%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.700%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.791%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;CONSOLIDATED STATEMENTS OF CASH FLOWS</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Unaudited)</span></div></td></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">For The Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Cash flows from operating activities</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New 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id="f-262">2,465,677</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:ProceedsFromUSTreasurySecurities" format="ixt:num-dot-decimal" scale="3" id="f-263">2,093,527</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid 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style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Net cash provided by (used in) investing activities</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 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style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Proceeds from repurchase agreements and other secured financing</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:ProceedsFromRepurchaseAgreements" format="ixt:num-dot-decimal" scale="3" id="f-302">1,549,426,696</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:ProceedsFromRepurchaseAgreements" format="ixt:num-dot-decimal" scale="3" id="f-303">1,373,554,795</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Payments on repurchase agreements and other secured financing</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:PrincipalPaymentsOnRepurchaseAgreements" format="ixt:num-dot-decimal" scale="3" id="f-304">1,553,306,159</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:PrincipalPaymentsOnRepurchaseAgreements" format="ixt:num-dot-decimal" scale="3" id="f-305">1,376,683,890</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Proceeds from issuances of securitized debt</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-306">2,914,309</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-307">2,496,810</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Principal payments on securitized debt</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:RepaymentsOfSecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-308">819,591</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:RepaymentsOfSecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-309">323,854</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Payments on purchases of securitized debt</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:PaymentsFromReliefOfSecuritizedDebt" format="ixt:num-dot-decimal" scale="3" id="f-310">4,350</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:PaymentsFromReliefOfSecuritizedDebt" format="ixt:fixed-zero" scale="3" id="f-311">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt 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style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:PaymentsOfFinancingCosts" format="ixt:num-dot-decimal" scale="3" id="f-313">1,191</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Proceeds from participations issued</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:ProceedsFromParticipatingMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-314">1,771,940</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:ProceedsFromParticipatingMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-315">1,001,297</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Payments on repurchases of participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:PaymentsOnRepurchaseOfParticipatingMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-316">1,188,368</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:PaymentsOnRepurchaseOfParticipatingMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-317">933,543</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Principal payments on participations issued</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:PrincipalPaymentsOnParticipationMortgageLoansIssued" format="ixt:num-dot-decimal" scale="3" id="f-318">13,110</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:PrincipalPaymentsOnParticipationMortgageLoansIssued" format="ixt:num-dot-decimal" scale="3" id="f-319">15,344</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Net contributions (distributions) from (to) noncontrolling interests</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ProceedsFromPaymentsToMinorityShareholders" format="ixt:num-dot-decimal" scale="3" id="f-320">4,000</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:ProceedsFromPaymentsToMinorityShareholders" format="ixt:num-dot-decimal" scale="3" id="f-321">5,000</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="3" id="f-323">48</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td 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style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:PaymentsRelatedToTaxWithholdingForShareBasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-325">5,993</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">Dividends paid</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsOfDividends" format="ixt:num-dot-decimal" scale="3" id="f-326">413,208</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:PaymentsOfDividends" format="ixt:num-dot-decimal" scale="3" id="f-327">362,193</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Net cash provided by (used in) financing activities</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="3" id="f-328">1,161,267</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="3" id="f-329">1,278,154</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Net (decrease) increase in cash and cash 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style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-332">1,488,027</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-55" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-333">1,412,148</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Cash and cash equivalents including cash pledged as collateral, end of period</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-334">1,833,528</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-335">1,665,370</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Supplemental disclosure of cash flow information</span></td><td colspan="3" 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProceedsFromInterestReceived" format="ixt:num-dot-decimal" scale="3" id="f-336">1,025,159</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:ProceedsFromInterestReceived" format="ixt:num-dot-decimal" scale="3" id="f-337">915,491</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Interest paid (excluding interest paid on interest rate swaps)</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestPaidExcludingInterestPaidOnInterestRateSwaps" format="ixt:num-dot-decimal" scale="3" id="f-338">799,833</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:InterestPaidExcludingInterestPaidOnInterestRateSwaps" format="ixt:num-dot-decimal" scale="3" id="f-339">913,729</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Net interest received (paid) on interest rate swaps</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestPaidNetInterestRateDerivative" format="ixt:num-dot-decimal" scale="3" id="f-340">448,039</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:InterestPaidNetInterestRateDerivative" format="ixt:num-dot-decimal" scale="3" id="f-341">759,440</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Taxes received (paid)</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New 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style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Payable for unsettled trades</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="nly:PayableForInvestmentSecuritiesPurchased" format="ixt:num-dot-decimal" scale="3" id="f-346">2,304,774</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="nly:PayableForInvestmentSecuritiesPurchased" format="ixt:num-dot-decimal" scale="3" id="f-347">2,556,798</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span 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style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" format="ixt:num-dot-decimal" scale="3" id="f-349">53,482</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">Dividends declared, not yet paid</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-350">421,637</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-351">325,286</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See notes to consolidated financial statements.</span></td></tr></table></div><div style="height:40.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_43"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES<br/>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_49"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock" id="f-352" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">1. DESCRIPTION OF BUSINESS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc. (the &#8220;Company&#8221; or &#8220;Annaly&#8221;) is a Maryland corporation that commenced operations on February 18, 1997.&#160;The Company is a leading diversified capital manager with investment strategies across mortgage finance. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, credit risk transfer (&#8220;CRT&#8221;) securities, other securities representing interests in or obligations backed by pools of mortgage loans, residential mortgage loans and mortgage servicing rights (&#8220;MSR&#8221;). The Company&#8217;s principal business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Annaly is an internally-managed company that has elected to be taxed as a Real Estate Investment Trust (&#8220;REIT&#8221;) as defined under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the &#8220;Code&#8221;).</span></div><ix:nonNumeric contextRef="c-1" name="nly:ScheduleOfInvestmentGroupsTableTextBlock" id="f-353" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s <ix:nonFraction unitRef="investmentgroup" contextRef="c-7" decimals="INF" name="nly:NumberOfInvestmentGroups" format="ixt-sec:numwordsen" scale="0" id="f-354">three</ix:nonFraction> investment groups are primarily comprised of the following:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:32.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:65.713%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Investment Groups</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Agency Group</span></td><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in Agency mortgage-backed securities (&#8220;MBS&#8221;) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Residential Credit Group</span></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Mortgage Servicing Rights Group</span></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in mortgage servicing rights (&#8220;MSR&#8221;), which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.</span></td></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_52"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:BasisOfAccounting" id="f-355" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2. BASIS OF PRESENTATION</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="f-356" escape="true">The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;).</ix:nonNumeric> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company&#8217;s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the &#8220;2024 Form 10-K&#8221;). The consolidated financial information as of December 31, 2024 has been derived from audited consolidated financial statements included in the Company&#8217;s 2024 Form 10-K.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.</span></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_55"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="f-357" continuedAt="f-357-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">3. 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In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (&#8220;VOE&#8221;) or a variable interest entity (&#8220;VIE&#8221;). All intercompany balances and transactions have been eliminated in consolidation.</ix:nonNumeric></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Voting Interest Entities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211; <ix:nonNumeric contextRef="c-1" name="nly:ConsolidationVotingInterestEntityPolicyPolicyTextBlock" id="f-359" escape="true">A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.</ix:nonNumeric></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Variable Interest Entities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; <ix:nonNumeric contextRef="c-1" name="us-gaap:ConsolidationVariableInterestEntityPolicy" id="f-360" continuedAt="f-360-1" escape="true">A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE&#8217;s </ix:nonNumeric></span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-357-1" continuedAt="f-357-2"><ix:continuation id="f-360-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company&#8217;s involvement with a VIE causes the Company&#8217;s consolidation conclusion to change. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Method Investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - <ix:nonNumeric contextRef="c-1" name="us-gaap:EquityMethodInvestmentsPolicy" id="f-361" escape="true">For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net.</ix:nonNumeric> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cash and Cash Equivalents &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> <ix:nonNumeric contextRef="c-1" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="f-362" escape="true">Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value.</ix:nonNumeric> Cash and securities deposited with clearing organizations and collateral held in the form of cash on margin with counterparties to the Company&#8217;s interest rate swaps and other derivatives totaled $<ix:nonFraction unitRef="usd" contextRef="c-56" decimals="-8" name="us-gaap:MarginDepositAssets" scale="9" id="f-363">1.5</ix:nonFraction> billion and $<ix:nonFraction unitRef="usd" contextRef="c-57" decimals="-8" name="us-gaap:MarginDepositAssets" format="ixt:num-dot-decimal" scale="9" id="f-364">1.2</ix:nonFraction>&#160;billion at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair Value Measurements and the Fair Value Option</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; <ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="f-365" continuedAt="f-365-1" escape="true">The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (&#8220;FVO&#8221;). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the &#8220;Financial Instruments&#8221; Note. </ix:nonNumeric></span></div><ix:continuation id="f-365-1" continuedAt="f-365-2"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Fair Value Measurements&#8221; Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments. </span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Offsetting Assets and Liabilities - </span><ix:nonNumeric contextRef="c-1" name="us-gaap:DerivativesOffsettingFairValueAmountsPolicy" id="f-366" escape="true"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company elected to present all derivative instruments on a gross basis as discussed in the &#8220;Derivative Instruments&#8221; Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the &#8220;Secured Financing&#8221;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note for further discussion on reverse repurchase and repurchase agreements.</span></ix:nonNumeric></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Instruments &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> <ix:nonNumeric contextRef="c-1" name="us-gaap:DerivativesPolicyTextBlock" id="f-367" continuedAt="f-367-1" escape="true">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the &#8220;Derivative Instruments&#8221; Note for further discussion.</ix:nonNumeric></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stock-Based Compensation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; <ix:nonNumeric contextRef="c-1" name="us-gaap:CompensationRelatedCostsPolicyTextBlock" id="f-368" continuedAt="f-368-1" escape="true">The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company&#8217;s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model. </ix:nonNumeric></span></div><ix:continuation id="f-368-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date.&#160;Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interest Income - </span><ix:nonNumeric contextRef="c-1" name="us-gaap:RevenueRecognitionInterest" id="f-369" continuedAt="f-369-1" escape="true"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes interest income primarily on Residential Securities (as defined in the &#8220;Securities&#8221; Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).</span></ix:nonNumeric></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-357-2"><ix:continuation id="f-369-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#8217;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms.  If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If collection of a loan&#8217;s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has made an accounting policy election not to measure an allowance for loans losses for accrued interest receivable. If interest receivable is deemed to be uncollectible or not collected within 90 days of its contractual due date for commercial loans carried at amortized cost, it is written off through a reversal of interest income. Any interest written off that is recovered is recognized as interest income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Interest Income and Interest Expense&#8221; Note for further discussion of interest income.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; <ix:nonNumeric contextRef="c-1" name="us-gaap:IncomeTaxPolicyTextBlock" id="f-370" escape="true">The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto.&#160;As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders.&#160;The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (&#8220;TRSs&#8221;). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the &#8220;Income Taxes&#8221; Note for further discussion on income taxes.</ix:nonNumeric></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers the applicability and impact of all Accounting Standard Updates (&#8220;ASUs&#8221;). <ix:nonNumeric contextRef="c-1" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="f-371" escape="true">The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company&#8217;s consolidated financial statements when adopted or did not have a significant impact on the Company&#8217;s consolidated financial statements upon adoption.</ix:nonNumeric></span></div></ix:continuation><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.929%"><tr><td style="width:1.0%"/><td style="width:12.323%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.842%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.117%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:47.318%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_58"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:FinancialInstrumentsDisclosureTextBlock" id="f-372" escape="true"><div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">4. FINANCIAL INSTRUMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><ix:nonNumeric contextRef="c-1" name="us-gaap:TradingSecuritiesAndCertainTradingAssetsTextBlock" id="f-373" continuedAt="f-373-1" escape="true"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents characteristics for certain of the Company&#8217;s financial instruments at March 31, 2025 and December 31, 2024.</span></ix:nonNumeric></div><ix:continuation id="f-373-1"><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:19.837%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.425%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.824%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.762%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance Sheet Line Item</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Type / Form</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through other comprehensive income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-58" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-374">7,668,927</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-59" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-375">8,234,911</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (3)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-60" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-376">60,660,793</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-61" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-377">59,199,157</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit risk transfer securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-62" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-378">521,059</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-63" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-379">754,915</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-agency mortgage-backed securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-64" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-380">1,451,524</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-65" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-381">1,493,186</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial real estate debt investments - CMBS</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-66" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-382">59,061</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-67" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-383">74,278</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-68" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-384">70,361,364</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-69" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-385">69,756,447</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans, net</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-70" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-386">3,860,555</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-71" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-387">3,546,902</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-72" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-388">24,464,281</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-73" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-389">21,973,188</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-76" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-392">900,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-77" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-393">750,000</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" 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id="f-397">1,154,816</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-82" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-398">2,519,125</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-83" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-399">2,470,629</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities purchased prior to July 1, 2022.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.</span></div></td></tr></table></div></ix:continuation></ix:nonNumeric><div id="i3de122f22f784b6a9a44350d49aac173_61"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" id="f-400" continuedAt="f-400-1" escape="true"><div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">5. SECURITIES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s investments in securities include agency, credit risk transfer, non-agency and commercial mortgage-backed securities. All of the debt securities are classified as available-for-sale. Available-for-sale debt securities are carried at fair value, with changes in fair value recognized in other comprehensive income, unless the fair value option is elected in which case changes in fair value are recognized in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). Effective July 1, 2022, the Company elected the fair value option for any newly purchased Agency mortgage-backed securities in order to simplify the accounting for these securities. During the three months ended March 31, 2025 and 2024, $<ix:nonFraction unitRef="usd" contextRef="c-84" decimals="-5" name="us-gaap:GainLossOnInvestments" scale="6" id="f-401">901.6</ix:nonFraction> million and ($<ix:nonFraction unitRef="usd" contextRef="c-85" decimals="-5" sign="-" name="us-gaap:GainLossOnInvestments" scale="6" id="f-402">674.0</ix:nonFraction>) million, respectively, of unrealized gains (losses) on the Agency mortgage-backed securities, for which the fair value option was elected, were reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).&#160;Agency mortgage-backed securities purchased prior to July 1, 2022, are still classified as available-for-sale with changes in fair value recognized in other comprehensive income. The Company has also elected the fair value option for CRT securities, interest only securities, Non-Agency and commercial mortgage-backed securities in order to simplify the accounting. Transactions for regular-way securities are recorded on trade date, including to-be-announced  (&#8220;TBA&#8221;) securities that meet the regular-way securities scope exception from derivative accounting. Gains and losses on disposals of securities are recorded on trade date based on the specific identification method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; Management evaluates available-for-sale securities where the fair value option has not been elected and held-to-maturity debt securities for impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation.&#160;When the fair value of an available-for-sale security is less than its amortized cost, the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security.&#160;Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be </span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-400-1" continuedAt="f-400-2"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">recognized in the Consolidated Statements of Comprehensive Income (Loss) as a securities loss provision and reflected as an allowance for credit losses on securities in the Consolidated Statements of Financial Condition, while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). When the fair value of a held-to-maturity security is less than the cost, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agency Mortgage-Backed Securities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">- </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other MBS representing interests in or obligations backed by pools of residential or multifamily mortgage loans and certificates. Many of the underlying loans and certificates are guaranteed by the Government National Mortgage Association (&#8220;Ginnie Mae&#8221;), the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) or the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;) (collectively, &#8220;Agency mortgage-backed securities&#8221;).&#160; </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis. TBA securities without intent to accept delivery (&#8220;TBA derivatives&#8221;) are accounted for as derivatives as discussed in the &#8220;Derivative Instruments&#8221; Note. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">CRT Securities - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-Agency Mortgage-Backed Securities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">- </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in non-Agency mortgage-backed securities such as those issued in prime loan, prime jumbo loan, Alt-A loan, subprime loan, non-performing loan (&#8220;NPL&#8221;) and re-performing loan (&#8220;RPL&#8221;) securitizations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agency mortgage-backed securities, non-Agency mortgage-backed securities and residential CRT securities are referred to herein as &#8220;Residential Securities.&#8221; Although the Company generally intends to hold most of its Residential Securities until maturity, it may, from time to time, sell any of its Residential Securities as part of the overall management of its portfolio.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commercial Mortgage-Backed Securities (&#8220;Commercial Securities&#8221;) - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in Commercial Securities such as conduit, credit CMBS, single-asset single borrower and collateralized loan obligations.</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:DebtSecuritiesAvailableForSaleTableTextBlock" id="f-403" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table represents a rollforward of the activity for the Company&#8217;s securities for the three months ended March 31, 2025:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"/><td style="width:27.190%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.297%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.405%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.449%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.405%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.449%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.405%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.300%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Credit Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-86" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-404">67,434,068</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-87" decimals="-3" 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-407">69,756,447</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-84" decimals="-3" name="nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:num-dot-decimal" scale="3" id="f-408">6,263,002</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-89" decimals="-3" name="nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:num-dot-decimal" scale="3" id="f-409">101,318</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-90" decimals="-3" name="nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:fixed-zero" scale="3" id="f-410">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:num-dot-decimal" scale="3" id="f-411">6,364,320</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction 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style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-90" decimals="-3" name="nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:num-dot-decimal" scale="3" id="f-414">12,886</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" format="ixt:num-dot-decimal" scale="3" id="f-415">5,194,416</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal paydowns</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-84" decimals="-3" name="us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" format="ixt:num-dot-decimal" scale="3" id="f-416">1,516,963</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-89" decimals="-3" name="us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" format="ixt:num-dot-decimal" scale="3" id="f-417">152,573</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-90" decimals="-3" name="us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" format="ixt:num-dot-decimal" scale="3" id="f-418">2,283</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" format="ixt:num-dot-decimal" scale="3" id="f-419">1,671,819</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-93" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-430">59,061</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-431">70,361,364</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" 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style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" id="f-432" escape="true"><ix:continuation id="f-400-2" continuedAt="f-400-3"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the Company&#8217;s securities portfolio that were carried at their fair value at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:24.744%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.738%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.889%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td 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7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-94" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-433">64,549,014</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-100" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-477">1,199,184</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-101" 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-105" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-515">3,626</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-105" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-516">830,275</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-519">30,144</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-520">146,838</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-521">17,726</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-522">4,268</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-523">160,296</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-524">14,336,095</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-525">119,280</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-526">80,004</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-527">1,932,941</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-528">64,235</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-529">24,593</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-107" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-530">1,972,583</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-531">112,837,617</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-532">2,480,962</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-533">1,279,188</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-534">71,440,944</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-535">480,741</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-536">1,619,382</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-538">59,015</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" scale="3" id="f-539">144</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:fixed-zero" scale="3" id="f-540">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-541">59,159</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:fixed-zero" scale="3" id="f-542">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" scale="3" id="f-543">98</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-544">59,061</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-545">112,896,632</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-546">2,481,106</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-547">1,279,188</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-548">71,500,103</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-549">480,741</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-550">1,619,480</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-551">70,361,364</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="42" 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style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-110" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-552">65,010,762</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span 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2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-112" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-566">87,467</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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scale="3" id="f-572">73,684</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-574">493,803</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-113" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:fixed-zero" scale="3" id="f-575">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-113" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-576">493,803</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-113" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-577">14,843</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-113" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-578">127,914</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-114" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-580">26,216,351</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-114" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-581">514,726</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 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0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-114" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-584">7,644</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-114" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-585">110,454</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-114" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-586">3,741,765</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-588">2,499</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:fixed-zero" scale="3" id="f-589">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-590">27,415</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:fixed-zero" scale="3" id="f-591">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-592">1,440</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-593">25,975</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency investments</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 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contextRef="c-116" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-595">2,353,540</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-116" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-596">1,190,316</ix:nonFraction>)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-116" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-597">69,785,171</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-116" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-598">155,445</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-116" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-599">2,506,548</ix:nonFraction>)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-117" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-601">707,169</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-117" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-602">1,608</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-117" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-604">705,196</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-117" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-605">49,819</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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format="ixt:num-dot-decimal" scale="3" id="f-607">754,915</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-608">172,368</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 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name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-610">1,724</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-611">170,679</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-612">2,694</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" 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style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-615">1,824,609</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-616">27,484</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-617">10,228</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-618">43,725</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-619">2,732</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-119" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" scale="3" id="f-620">667</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-632">883,325</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-633">1,630</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-634">6,347</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-635">878,608</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-636">10,334,669</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-637">84,431</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-638">30,385</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-639">146,285</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-640">17,072</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-641">5,044</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-122" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-642">158,313</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-643">14,202,182</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-644">118,110</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-645">79,761</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-646">2,199,961</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-647">80,272</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-648">32,132</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-123" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-649">2,248,101</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-650">109,136,371</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-651">2,471,650</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-652">1,270,077</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-653">71,985,132</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-654">235,717</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-655">2,538,680</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-656">69,682,169</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-657">74,151</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" scale="3" id="f-658">193</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:fixed-zero" scale="3" id="f-659">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-660">74,344</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" scale="3" id="f-661">38</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" scale="3" id="f-662">104</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-663">74,278</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-664">109,210,522</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingPremium" format="ixt:num-dot-decimal" scale="3" id="f-665">2,471,843</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="nly:DebtSecuritiesAvailableforsaleRemainingDiscount" format="ixt:num-dot-decimal" scale="3" id="f-666">1,270,077</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-667">72,059,476</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt 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style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-669">2,538,784</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-670">69,756,447</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="42" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $<ix:nonFraction unitRef="usd" contextRef="c-126" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-671">26.4</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-127" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-672">22.9</ix:nonFraction>&#160;billion of Agency Multifamily interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $<ix:nonFraction unitRef="usd" contextRef="c-128" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-673">1.8</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-129" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-674">1.8</ix:nonFraction>&#160;billion of Prime interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $<ix:nonFraction unitRef="usd" contextRef="c-130" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-675">10.6</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-131" decimals="-8" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-676">10.2</ix:nonFraction>&#160;billion of Prime Jumbo interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div></td></tr></table></div></ix:continuation></ix:nonNumeric><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-400-3"><ix:nonNumeric contextRef="c-1" name="nly:ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" id="f-677" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the Company&#8217;s Agency mortgage-backed securities portfolio by issuing Agency at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.602%"><tr><td style="width:1.0%"/><td style="width:45.625%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.094%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.684%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.097%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investment Type</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fannie Mae</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span 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style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ginnie Mae</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-136" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-682">149,032</ix:nonFraction></span><span style="color:#000000;font-family:'Times New 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-138" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-684">68,329,720</ix:nonFraction></span><span style="color:#000000;font-family:'Times New 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id="f-685">67,434,068</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual maturities of the 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style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.836%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.836%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.836%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.842%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt 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name="nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost" format="ixt:num-dot-decimal" scale="3" id="f-690">408,090</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than one year through five years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" format="ixt:num-dot-decimal" scale="3" id="f-691">1,747,308</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost" format="ixt:num-dot-decimal" scale="3" id="f-692">1,748,581</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td 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format="ixt:num-dot-decimal" scale="3" id="f-696">67,235,550</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" format="ixt:num-dot-decimal" scale="3" id="f-697">66,027,670</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost" format="ixt:num-dot-decimal" scale="3" id="f-698">68,242,391</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than ten years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" format="ixt:num-dot-decimal" scale="3" id="f-699">2,088,691</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" format="ixt:num-dot-decimal" scale="3" id="f-700">2,087,440</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" format="ixt:num-dot-decimal" scale="3" id="f-701">1,937,745</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" format="ixt:num-dot-decimal" scale="3" id="f-702">2,009,558</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-703">70,302,303</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-108" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-704">71,440,944</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-705">69,682,169</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-124" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-706">71,985,132</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated weighted average lives of the Residential Securities at March 31, 2025 and December 31, 2024 in the table above are based upon projected 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1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 12 months</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 Months or more</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-142" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-714">7,502,140</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-142" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-715">791,682</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="security" contextRef="c-142" decimals="INF" name="us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions" format="ixt:num-dot-decimal" scale="0" id="f-716">1,311</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-143" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-717">8,054,162</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-143" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-718">1,020,427</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="security" contextRef="c-143" decimals="INF" name="us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions" format="ixt:num-dot-decimal" scale="0" id="f-719">1,377</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-138" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-720">7,530,425</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-138" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-721">792,229</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="security" contextRef="c-138" decimals="INF" name="us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions" format="ixt:num-dot-decimal" scale="0" id="f-722">1,320</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-139" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-723">8,103,982</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-139" decimals="-3" name="us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" format="ixt:num-dot-decimal" scale="3" id="f-724">1,021,904</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="security" contextRef="c-139" decimals="INF" name="us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions" format="ixt:num-dot-decimal" scale="0" id="f-725">1,411</ix:nonFraction>&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="36" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="36" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities.</span></div></td></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The decline in value of these securities is solely due to market conditions and not the quality of the assets.&#160; Substantially all of the Agency mortgage-backed securities have an actual or implied credit rating that is the same as that of the U.S. government.&#160;An impairment has not been recognized in earnings related to these investments because the decline in value is not related to credit quality, the Company currently has not made a decision to sell the securities nor is it more likely than not that the securities will be required to be sold before recovery. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025 and 2024, the Company disposed of $<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-8" name="nly:MortgageBackedSecuritiesSoldCarryingValue" scale="9" id="f-726">5.2</ix:nonFraction> billion and $<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-8" name="nly:MortgageBackedSecuritiesSoldCarryingValue" scale="9" id="f-727">8.1</ix:nonFraction> billion of Residential Securities, respectively. <ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfRealizedGainLossTableTextBlock" id="f-728" continuedAt="f-728-1" escape="true">The following table presents the Company&#8217;s net gains (losses) from the disposal of Residential Securities for the three months ended March 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Realized Gains (Losses)</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss" format="ixt:num-dot-decimal" scale="3" id="f-730">119,486</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS" format="ixt:num-dot-decimal" scale="3" id="f-731">54,606</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleRealizedGain" format="ixt:num-dot-decimal" scale="3" id="f-732">32,924</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss" format="ixt:num-dot-decimal" scale="3" id="f-733">471,172</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS" format="ixt:num-dot-decimal" scale="3" id="f-734">438,248</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="margin-bottom:6pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_64"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" id="f-735" continuedAt="f-735-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">6. LOANS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in residential loans. Loans are classified as either held for investment or held for sale. Loans are eligible to be accounted for under the fair value option. If loans are elected under the fair value option, they are carried at fair value with changes in fair value recognized in earnings. Otherwise, loans held for investment are carried at cost less impairment and loans held for sale are accounted for at the lower of cost or fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Excluding loans transferred or pledged to securitization vehicles, as of March 31, 2025 and December 31, 2024, the Company had</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$<ix:nonFraction unitRef="usd" contextRef="c-15" decimals="-8" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="9" id="f-736">3.9</ix:nonFraction>&#160;billion</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and $<ix:nonFraction unitRef="usd" contextRef="c-16" decimals="-8" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="9" id="f-737">3.5</ix:nonFraction>&#160;billion, respectively, of loans for which the fair value option was elected. If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, the loans are classified as held for sale. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of loans held for sale on an individual loan basis. The carrying value of the Company&#8217;s residential loans held for sale was $<ix:nonFraction unitRef="usd" contextRef="c-15" decimals="-5" name="us-gaap:LoansReceivableHeldForSaleAmount" scale="6" id="f-738">6.3</ix:nonFraction> million and $<ix:nonFraction unitRef="usd" contextRef="c-16" decimals="-5" name="us-gaap:LoansReceivableHeldForSaleAmount" scale="6" id="f-739">10.0</ix:nonFraction> million at March 31, 2025 and December 31, 2024, respectively.</span></div><ix:nonNumeric contextRef="c-1" name="nly:SummaryOfLoansInvestmentActivityTableTextBlock" id="f-740" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of the Company&#8217;s loan investments, excluding loans transferred or pledged to securitization vehicles, for the three months ended March 31, 2025:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.742%"><tr><td style="width:1.0%"/><td style="width:64.725%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:33.075%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Loans</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-741">3,546,902</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases / originations</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:MortgageLoansOnRealEstateNewMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-742">3,919,866</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales and transfers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers" format="ixt:num-dot-decimal" scale="3" id="f-743">3,595,522</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="srt:MortgageLoansOnRealEstateCollectionsOfPrincipal" format="ixt:num-dot-decimal" scale="3" id="f-744">48,269</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gains / (losses)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:MortgageLoansonRealEstateGainsLosses" format="ixt:num-dot-decimal" scale="3" id="f-745">42,180</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Amortization) / accretion</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium" format="ixt:num-dot-decimal" scale="3" id="f-746">4,602</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-747">3,860,555</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes transfer of residential loans to securitization vehicles with a carrying value of $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="nly:NoncashOrPartNoncashFinancialInstrumentsOwnedAndPledgedAsCollateral" format="ixt:num-dot-decimal" scale="9" id="f-748">3.2</ix:nonFraction>&#160;billion during the three months ended March 31, 2025.</span></div></td></tr><tr><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential </span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" id="f-749" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company&#8217;s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information related to the Company&#8217;s consolidated residential mortgage loan trusts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mortgage loans are secured by first liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian, the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. 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style="width:25.439%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.440%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 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name="nly:MortgageLoansFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-752">25,520,090</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span 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style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-735-1" continuedAt="f-735-2"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock" id="f-755" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 for these investments:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:73.684%"><tr><td style="width:1.0%"/><td style="width:67.352%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.177%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.792%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.179%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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id="f-761">84,786</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total included in net income (loss)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 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contextRef="c-1" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" id="f-764" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.157%"><tr><td style="width:1.0%"/><td style="width:34.886%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.664%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.629%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:34.886%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.335%"/><td style="width:0.1%"/></tr><tr><td colspan="15" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Geographic Concentrations of Residential Mortgage Loans</span></td></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="6" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-146" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-765">39.9</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-147" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-766">39.5</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-148" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-767">11.2</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-149" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-768">10.9</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-150" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-769">9.8</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-151" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-770">10.1</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-152" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-771">5.4</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-153" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-772">5.4</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-154" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-773">33.7</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-155" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-774">34.1</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-156" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-775">100.0</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-157" decimals="3" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-776">100.0</ix:nonFraction>%</span></td></tr><tr style="height:3pt"><td colspan="15" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="nly:MortgageLoansHeldForPortfolioTableTextBlock" id="f-777" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides additional data on the Company&#8217;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.128%"><tr><td style="width:1.0%"/><td style="width:28.884%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.854%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.584%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.697%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.898%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.697%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.584%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.702%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted<br/>Average</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted Average</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-158" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" scale="3" id="f-778">1</ix:nonFraction> - $<ix:nonFraction unitRef="usd" contextRef="c-159" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" format="ixt:num-dot-decimal" scale="3" id="f-779">4,396</ix:nonFraction></span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-160" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" scale="3" id="f-780">465</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-161" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" scale="3" id="f-781">1</ix:nonFraction> - $<ix:nonFraction unitRef="usd" contextRef="c-162" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" format="ixt:num-dot-decimal" scale="3" id="f-782">4,396</ix:nonFraction></span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-163" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio" scale="3" id="f-783">471</ix:nonFraction></span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-164" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-784">2.00</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-165" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-785">18.00</ix:nonFraction>%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-166" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-786">6.54</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-167" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-787">2.00</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-168" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-788">18.00</ix:nonFraction>%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-169" decimals="4" name="nly:InvestmentInterestRatePercentage" scale="-2" id="f-789">6.43</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7/1/2029 - 4/1/2065</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4/24/2053</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7/1/2029 - 12/1/2064</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2/3/2053</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FICO score at loan origination</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="point" contextRef="c-158" decimals="INF" name="nly:FicoScore" scale="0" id="f-790">549</ix:nonFraction> - <ix:nonFraction unitRef="point" contextRef="c-159" decimals="INF" name="nly:FicoScore" scale="0" id="f-791">850</ix:nonFraction></span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="point" contextRef="c-160" decimals="INF" name="nly:FicoScore" scale="0" id="f-792">758</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="point" contextRef="c-161" decimals="INF" name="nly:FicoScore" scale="0" id="f-793">549</ix:nonFraction> - <ix:nonFraction unitRef="point" contextRef="c-162" decimals="INF" name="nly:FicoScore" scale="0" id="f-794">850</ix:nonFraction></span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="point" contextRef="c-163" decimals="INF" name="nly:FicoScore" scale="0" id="f-795">758</ix:nonFraction></span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loan-to-value ratio at loan origination</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-164" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-796">1</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-165" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-797">100</ix:nonFraction>%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-166" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-798">68</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-167" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-799">2</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-168" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-800">100</ix:nonFraction>%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-169" decimals="2" name="nly:LoanToValuePercentage" scale="-2" id="f-801">68</ix:nonFraction>%</span></td></tr></table></div></ix:nonNumeric></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-735-2">At March 31, 2025 and December 31, 2024, approximately <ix:nonFraction unitRef="number" contextRef="c-15" decimals="2" name="nly:PercentageOfAdjustableRateLoans" scale="-2" id="f-802">15</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-16" decimals="2" name="nly:PercentageOfAdjustableRateLoans" scale="-2" id="f-803">16</ix:nonFraction>%, respectively, of the carrying value of the Company&#8217;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, were adjustable-rate.</ix:continuation> </span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_73"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:TransfersAndServicingOfFinancialAssetsTextBlock" id="f-804" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">7. MORTGAGE SERVICING RIGHTS  </span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfServicingAssetsAtFairValueTextBlock" id="f-805" escape="true"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024: &#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.690%"><tr><td style="width:1.0%"/><td style="width:59.375%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.122%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.879%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.124%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Mortgage Servicing Rights</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:20pt"><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, beginning of period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-806">2,909,134</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-55" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-807">2,122,196</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAdditions" format="ixt:num-dot-decimal" scale="3" id="f-808">396,662</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAdditions" format="ixt:num-dot-decimal" scale="3" id="f-809">515,731</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in fair value due to:</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in valuation inputs or assumptions </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" format="ixt:num-dot-decimal" scale="3" id="f-810">12,768</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" format="ixt:num-dot-decimal" scale="3" id="f-811">46,136</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other changes, including realization of expected cash flows</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance" format="ixt:num-dot-decimal" scale="3" id="f-812">45,662</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance" format="ixt:num-dot-decimal" scale="3" id="f-813">32,784</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value, end of period</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-814">3,272,902</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-815">2,651,279</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.</span></div></td></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_82"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:VariableInterestEntityDisclosureTextBlock" id="f-816" continuedAt="f-816-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">8. VARIABLE INTEREST ENTITIES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s exposure to the obligations of its VIEs is generally limited to the Company&#8217;s investment in the VIEs of $<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-8" name="us-gaap:VariableInterestEntityEntityMaximumLossExposureAmount" scale="9" id="f-817">2.5</ix:nonFraction> billion at March 31, 2025. Assets of the VIEs may only be used to settle obligations of the VIEs. Creditors of the VIEs have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the VIEs. No gains or losses were recognized upon consolidation of existing VIEs. Interest income and expense are recognized using the effective interest method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential Securitizations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also invests in residential mortgage-backed securities issued by entities that are VIEs because they do not have sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs&#8217; economic performance. For these entities, the Company&#8217;s maximum exposure to loss is the amortized cost basis of the securities it owns and it does not provide any liquidity arrangements, guarantees or other commitments to these  VIEs. Refer to the &#8220;Securities&#8221; Note for further information on Residential Securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">OBX Trusts</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock" id="f-818" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential securitizations are issued by entities generally referred to collectively as the &#8220;OBX Trusts.&#8221; These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed as of March 31, 2025 are included in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.175%"><tr><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.234%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securitization</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of Closing</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Face Value at Closing</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM1</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-170" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-819">618,433</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM2</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-171" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-820">719,218</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM3</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-172" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-821">577,442</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM4</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-173" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-822">625,807</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-HE1</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-174" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-823">216,455</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM5</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-175" decimals="-3" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="3" id="f-824">334,879</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-816-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025 and December 31, 2024, a total carrying value of $<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-8" name="nly:SecuritizedDebtOfConsolidatedVie" format="ixt:num-dot-decimal" scale="9" id="f-825">21.8</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-8" name="nly:SecuritizedDebtOfConsolidatedVie" format="ixt:num-dot-decimal" scale="9" id="f-826">19.5</ix:nonFraction>&#160;billion, respectively, of bonds were held by third parties and the Company retained $<ix:nonFraction unitRef="usd" contextRef="c-176" decimals="-8" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="9" id="f-827">2.5</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-177" decimals="-8" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:num-dot-decimal" scale="9" id="f-828">2.3</ix:nonFraction>&#160;billion, respectively, of MBS, which were eliminated in consolidation. The Company is deemed to be the primary beneficiary and consolidates the OBX Trusts because it has power to direct the activities that most significantly impact the OBX Trusts&#8217; performance and holds a variable interest that could be potentially significant to these VIEs. Effective August 1, 2022, upon initial consolidation of new securitization entities, the Company elected to apply the measurement alternative for consolidated collateralized financing entities in order to simplify the accounting and valuation processes. The liabilities of these securitization entities are deemed to be more observable and are used to measure the fair value of the assets. The Company incurred $<ix:nonFraction unitRef="usd" contextRef="c-178" decimals="-5" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="6" id="f-829">6.8</ix:nonFraction>&#160;million and $<ix:nonFraction unitRef="usd" contextRef="c-179" decimals="-5" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="6" id="f-830">3.7</ix:nonFraction>&#160;million of costs during the three months ended March 31, 2025 and 2024, respectively, in connection with these securitizations that were expensed as incurred. The contractual principal amount of the OBX Trusts&#8217; debt held by third parties was $<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-8" name="nly:SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-831">22.5</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-8" name="nly:SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount" format="ixt:num-dot-decimal" scale="9" id="f-832">20.5</ix:nonFraction>&#160;billion at March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded ($<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" sign="-" name="nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" scale="6" id="f-833">170.9</ix:nonFraction>) million and $<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-5" name="nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" format="ixt:num-dot-decimal" scale="6" id="f-834">86.0</ix:nonFraction>&#160;million, respectively, of unrealized gains (losses) on debt held by third parties issued by OBX Trusts, which is reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the residential mortgage loans have been sold for bankruptcy and state law purposes, the transfers of the residential mortgage loans to the OBX Trusts did not qualify for sale accounting and are reflected as intercompany secured borrowings that are eliminated upon consolidation.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential Credit Fund</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company manages a fund investing in participations in residential mortgage loans. The residential credit fund is deemed to be a VIE because the entity does not have sufficient equity at risk to permit the legal entity to finance its activities without additional subordinated financial support provided by any parties, including equity holders, as capital commitments are not considered equity at risk. The Company is not the primary beneficiary and does not consolidate the residential credit fund as its only interest in the fund is the management and performance fees that it earns, which are not considered variable interests in the entity. As of March 31, 2025 and December 31, 2024, the Company had outstanding participating interests in residential mortgage loans of $<ix:nonFraction unitRef="usd" contextRef="c-180" decimals="-8" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:num-dot-decimal" scale="9" id="f-835">1.7</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-181" decimals="-8" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:num-dot-decimal" scale="9" id="f-836">1.2</ix:nonFraction>&#160;billion, respectively. These transfers do not meet the criteria for sale accounting and are accounted for as secured borrowings, thus the residential loans are reported as Loans, net and the associated liability is reported as Participations issued in the Consolidated Statements of Financial Condition. The Company elected the fair value option for participations issued with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss) to more accurately reflect the economics of the transfers as the underlying loans are carried at fair value through earnings.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_85"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" id="f-837" continuedAt="f-837-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">9. DERIVATIVE INSTRUMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><ix:continuation id="f-367-1" continuedAt="f-367-2"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (&#8220;swaptions&#8221;), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (&#8220;SOFR&#8221;) futures contracts and certain forward purchase commitments.&#160;The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps.&#160;</span></ix:continuation></div><ix:continuation id="f-367-2" continuedAt="f-367-3"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Company&#8217;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (&#8220;MAC&#8221;) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.</span></div></ix:continuation></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-837-1" continuedAt="f-837-2"><ix:continuation id="f-367-3" continuedAt="f-367-4"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes.&#160;</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization&#8217;s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged or received under such transactions. At March 31, 2025 and December 31, 2024, ($<ix:nonFraction unitRef="usd" contextRef="c-56" decimals="-8" sign="-" name="nly:DerivativeInstrumentsVariationMarginonCollateral" scale="9" id="f-838">2.6</ix:nonFraction>) billion and ($<ix:nonFraction unitRef="usd" contextRef="c-57" decimals="-8" sign="-" name="nly:DerivativeInstrumentsVariationMarginonCollateral" scale="9" id="f-839">3.3</ix:nonFraction>) billion, respectively, of variation margin was reported as an adjustment to interest rate swaps, at fair value. Initial margin is reported in Cash and cash equivalents in the Consolidated Statements of Financial Condition.</span></div><ix:continuation id="f-367-4"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Swap Agreements &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Interest rate swap agreements are the primary instruments used to mitigate interest rate risk.&#160; In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (&#8220;DCO&#8221;). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO&#8217;s market values. If an interest rate swap is terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Swaptions &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates.&#160; Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future.&#160;The Company&#8217;s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">TBA Dollar Rolls &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Futures Contracts</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance.&#160;The Company maintains margin accounts which are settled daily with Futures Commission Merchants (&#8220;FCMs&#8221;). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Forward Purchase Commitments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a &#8220;best efforts&#8221; basis. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit Derivatives &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company may enter into credit derivatives referencing a commercial mortgage-backed securities index, such as the CMBX index, and synthetic total return swaps.</span></div></ix:continuation></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">16</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-837-2" continuedAt="f-837-3"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfDerivativeInstrumentsTextBlock" id="f-840" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes fair value information about the Company&#8217;s derivative assets and liabilities at March 31, 2025 and December 31, 2024:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"/><td style="width:36.061%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:2.192%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.246%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.554%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.247%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives Instruments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td 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2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaptions</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-182" decimals="-3" name="us-gaap:DerivativeFairValueOfDerivativeAsset" format="ixt:num-dot-decimal" scale="3" id="f-843">7,595</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" 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name="nly:InterestRateSwapsWeightedAverageReceiveRate" scale="-2" id="f-885">4.41</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-196" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-886">22.96</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-56" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-887">55,452,768</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-56" decimals="4" name="nly:InterestRateSwapsWeightedAveragePayRate" scale="-2" id="f-888">2.98</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-56" decimals="4" name="nly:InterestRateSwapsWeightedAverageReceiveRate" scale="-2" id="f-889">4.43</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-198" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-890">4.79</ix:nonNumeric></span></td></tr><tr style="height:3pt"><td colspan="24" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Notional </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average <br/>Pay Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Receive Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span 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name="nly:DerivativeInstrumentsMinimumMaturityPeriod" format="ixt-sec:duryear" id="f-891">0</ix:nonNumeric> - <ix:nonNumeric contextRef="c-199" name="nly:DerivativeInstrumentsMaximumMaturityPeriod" format="ixt-sec:duryear" id="f-892">3</ix:nonNumeric> years</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-200" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-893">30,411,229</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" 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style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-199" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-896">1.14</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-201" name="nly:DerivativeInstrumentsMinimumMaturityPeriod" format="ixt-sec:duryear" id="f-897">3</ix:nonNumeric> - <ix:nonNumeric contextRef="c-201" name="nly:DerivativeInstrumentsMaximumMaturityPeriod" format="ixt-sec:duryear" id="f-898">6</ix:nonNumeric> years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-202" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-899">12,764,021</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-201" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-902">4.27</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-203" name="nly:DerivativeInstrumentsMinimumMaturityPeriod" format="ixt-sec:duryear" id="f-903">6</ix:nonNumeric> - <ix:nonNumeric contextRef="c-203" name="nly:DerivativeInstrumentsMaximumMaturityPeriod" format="ixt-sec:duryear" id="f-904">10</ix:nonNumeric> years</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-204" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-905">21,318,937</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-203" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-908">7.63</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than <ix:nonNumeric contextRef="c-205" name="nly:DerivativeInstrumentsMinimumMaturityPeriod" format="ixt-sec:duryear" id="f-909">10</ix:nonNumeric> years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-206" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-910">1,559,384</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-206" decimals="4" name="nly:InterestRateSwapsWeightedAveragePayRate" scale="-2" id="f-911">3.40</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-206" decimals="4" name="nly:InterestRateSwapsWeightedAverageReceiveRate" scale="-2" id="f-912">4.41</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-205" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-913">23.25</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-57" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-914">66,053,571</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-57" decimals="4" name="nly:InterestRateSwapsWeightedAveragePayRate" scale="-2" id="f-915">3.11</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-57" decimals="4" name="nly:InterestRateSwapsWeightedAverageReceiveRate" scale="-2" id="f-916">4.50</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-207" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-917">4.36</ix:nonNumeric></span></td></tr><tr style="height:3pt"><td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="24" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of March 31, 2025, <ix:nonFraction unitRef="number" contextRef="c-208" decimals="2" name="nly:DerivativeNonmonetaryNotionalAmountPercentage" scale="-2" id="f-918">93</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-209" decimals="2" name="nly:DerivativeNonmonetaryNotionalAmountPercentage" scale="-2" id="f-919">7</ix:nonFraction>% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2024, <ix:nonFraction unitRef="number" contextRef="c-210" decimals="2" name="nly:DerivativeNonmonetaryNotionalAmountPercentage" scale="-2" id="f-920">95</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-211" decimals="2" name="nly:DerivativeNonmonetaryNotionalAmountPercentage" scale="-2" id="f-921">5</ix:nonFraction>% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.</span></div></td></tr></table></div></ix:nonNumeric></ix:continuation><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">17</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-837-3" continuedAt="f-837-4"><ix:continuation id="f-863-1"><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s swaptions at March 31, 2025 and December 31, 2024: </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.766%"><tr><td style="width:1.0%"/><td style="width:12.417%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.372%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.675%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.698%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.186%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.614%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.982%"/><td style="width:0.1%"/></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-212" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-922">1,000,000</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-212" decimals="4" name="nly:InterestRateSwaptionsWeightedAverageUnderlyingPayRate" scale="-2" id="f-923">4.68</ix:nonFraction>%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-213" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-924">10.83</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.92</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-214" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-925">&#8212;</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-214" decimals="4" name="nly:InterestRateSwaptionsWeightedAverageUnderlyingPayRate" format="ixt:fixed-zero" scale="-2" id="f-926">&#8212;</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-215" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-927">0.00</ix:nonNumeric></span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.00</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-216" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-928">&#8212;</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-216" decimals="4" name="nly:InterestRateSwaptionsWeightedAverageUnderlyingPayRate" format="ixt:fixed-zero" scale="-2" id="f-929">&#8212;</ix:nonFraction>%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-217" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-930">0.00</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-218" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-931">&#8212;</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-218" decimals="4" name="nly:InterestRateSwaptionsWeightedAverageUnderlyingPayRate" format="ixt:fixed-zero" scale="-2" id="f-932">&#8212;</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-219" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-933">0.00</ix:nonNumeric></span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s TBA derivatives at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"><tr><td style="width:1.0%"/><td style="width:23.672%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.137%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.559%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.137%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.559%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.137%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.559%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.140%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-220" decimals="-3" name="us-gaap:DerivativeAssetNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-934">6,902,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-221" decimals="-3" name="nly:ToBeAnnouncedSecuritiesCost" format="ixt:num-dot-decimal" scale="3" id="f-935">6,612,755</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-220" decimals="-3" name="nly:ToBeAnnouncedSecuritiesFairMarketValue" format="ixt:num-dot-decimal" scale="3" id="f-936">6,635,383</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-220" decimals="-3" name="us-gaap:DerivativeFairValueOfDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-937">22,628</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-184" decimals="-3" name="us-gaap:DerivativeAssetNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-938">6,902,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-222" decimals="-3" name="nly:ToBeAnnouncedSecuritiesCost" format="ixt:num-dot-decimal" scale="3" id="f-939">6,612,755</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-184" decimals="-3" name="nly:ToBeAnnouncedSecuritiesFairMarketValue" format="ixt:num-dot-decimal" scale="3" id="f-940">6,635,383</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-184" decimals="-3" name="us-gaap:DerivativeFairValueOfDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-941">22,628</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"/></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-223" decimals="-3" name="us-gaap:DerivativeAssetNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-942">4,237,000</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-224" decimals="-3" name="nly:ToBeAnnouncedSecuritiesCost" format="ixt:num-dot-decimal" scale="3" id="f-943">4,239,001</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-223" decimals="-3" name="nly:ToBeAnnouncedSecuritiesFairMarketValue" format="ixt:num-dot-decimal" scale="3" id="f-944">4,209,341</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-223" decimals="-3" sign="-" name="us-gaap:DerivativeFairValueOfDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-945">29,660</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale contracts</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-225" decimals="-3" name="us-gaap:DerivativeLiabilityNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-946">1,120,000</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-226" decimals="-3" sign="-" name="nly:ToBeAnnouncedSecuritiesCost" format="ixt:num-dot-decimal" scale="3" id="f-947">1,080,943</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-225" decimals="-3" sign="-" name="nly:ToBeAnnouncedSecuritiesFairMarketValue" format="ixt:num-dot-decimal" scale="3" id="f-948">1,073,187</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-225" decimals="-3" name="us-gaap:DerivativeFairValueOfDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-949">7,756</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-185" decimals="-3" name="us-gaap:DerivativeAssetNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-950">3,117,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-227" decimals="-3" name="nly:ToBeAnnouncedSecuritiesCost" format="ixt:num-dot-decimal" scale="3" id="f-951">3,158,058</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-185" decimals="-3" name="nly:ToBeAnnouncedSecuritiesFairMarketValue" format="ixt:num-dot-decimal" scale="3" id="f-952">3,136,154</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-185" decimals="-3" sign="-" name="us-gaap:DerivativeFairValueOfDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-953">21,904</ix:nonFraction>)</span></td><td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s futures derivatives at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"/><td style="width:36.647%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.143%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.143%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.145%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Long<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Short<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average<br/>Years to Maturity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - <ix:nonNumeric contextRef="c-228" name="us-gaap:DerivativeTermOfContract" format="ixt-sec:duryear" id="f-954">10</ix:nonNumeric> year and greater</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-229" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-955">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-230" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-956">11,659,400</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-228" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-957">10.52</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-231" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-958">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-232" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-959">11,659,400</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-233" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-960">10.52</ix:nonNumeric></span></td></tr><tr style="height:3pt"><td colspan="18" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 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style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - <ix:nonNumeric contextRef="c-234" name="us-gaap:DerivativeTermOfContract" format="ixt-sec:duryear" id="f-961">2</ix:nonNumeric> year</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-235" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-962">6,511,600</ix:nonFraction>&#160;</span></td><td 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-234" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-964">1.98</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - <ix:nonNumeric contextRef="c-237" name="us-gaap:DerivativeTermOfContract" format="ixt-sec:duryear" id="f-965">5</ix:nonNumeric> year</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-238" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-966">1,960,500</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-239" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-967">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-237" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-968">4.40</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - <ix:nonNumeric contextRef="c-240" name="us-gaap:DerivativeTermOfContract" format="ixt-sec:duryear" id="f-969">10</ix:nonNumeric> year and greater</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-241" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:fixed-zero" scale="3" id="f-970">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-242" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-971">9,840,500</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-240" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-972">11.05</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td 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style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-244" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-974">9,840,500</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-245" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-975">7.11</ix:nonNumeric></span></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company presents derivative contracts on a gross basis in the Consolidated Statements of Financial Condition. Derivative contracts may contain legally enforceable provisions that allow for netting or setting off receivables and payables with each counterparty.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">18</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-837-4" continuedAt="f-837-5"><ix:nonNumeric contextRef="c-1" name="nly:DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock" id="f-976" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company&#8217;s Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.748%"><tr><td style="width:1.0%"/><td style="width:32.292%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.271%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.683%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.157%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.683%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.624%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.683%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.507%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts Eligible for Offset</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Amounts</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" 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1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-56" 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style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="nly:GainLossOnTerminationOfInterestRateSwaps" format="ixt:num-dot-decimal" scale="3" id="f-1047">43,789</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1048">753,601</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:GainLossOnRealizedInterestRateSwaps" format="ixt:num-dot-decimal" scale="3" id="f-1049">330,149</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="nly:GainLossOnTerminationOfInterestRateSwaps" format="ixt:num-dot-decimal" scale="3" id="f-1050">21,237</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1051">900,902</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of other derivative contracts in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss) is as follows:</span></div><div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"/><td style="width:26.053%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.686%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.736%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.810%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.736%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.179%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-222" decimals="-3" sign="-" name="nly:RealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1052">14,355</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-222" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1053">44,533</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-222" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1054">30,178</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-246" decimals="-3" name="nly:RealizedGainLossOnDerivatives" format="ixt:fixed-zero" scale="3" id="f-1055">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-246" decimals="-3" sign="-" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1056">8,600</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-246" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1057">8,600</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-247" decimals="-3" sign="-" name="nly:RealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1058">86,356</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" 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format="ixt:num-dot-decimal" scale="3" id="f-1060">403,459</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-248" decimals="-3" name="nly:RealizedGainLossOnDerivatives" format="ixt:fixed-zero" scale="3" id="f-1061">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-248" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1062">9,859</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-248" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1063">9,859</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1064">372,022</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2025, includes $<ix:nonFraction unitRef="usd" contextRef="c-249" decimals="-5" name="nly:RealizedGainLossOnDerivatives" scale="6" id="f-1065">9.0</ix:nonFraction> million of realized gain related to SOFR futures options.</span></div></td></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">19</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-837-5"><ix:continuation id="f-1045-1"><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"/><td style="width:26.053%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.686%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.736%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.810%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.736%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.179%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-250" decimals="-3" sign="-" name="nly:RealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1066">8,615</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-250" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1067">14,898</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-250" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1068">6,283</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-251" decimals="-3" name="nly:RealizedGainLossOnDerivatives" format="ixt:fixed-zero" scale="3" id="f-1069">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-251" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1070">30,631</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-251" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1071">30,631</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-252" decimals="-3" sign="-" name="nly:RealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1072">8,680</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-252" decimals="-3" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1073">145,709</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-252" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1074">137,029</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-253" decimals="-3" name="nly:RealizedGainLossOnDerivatives" format="ixt:fixed-zero" scale="3" id="f-1075">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-253" decimals="-3" sign="-" name="us-gaap:UnrealizedGainLossOnDerivatives" format="ixt:num-dot-decimal" scale="3" id="f-1076">6,613</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-253" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1077">6,613</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1078">167,330</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2024, includes $<ix:nonFraction unitRef="usd" contextRef="c-254" decimals="-5" name="us-gaap:UnrealizedGainLossOnDerivatives" scale="6" id="f-1079">1.2</ix:nonFraction> million of unrealized gain related to SOFR futures options.</span></div></td></tr></table></div></ix:continuation><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the Company&#8217;s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events such as (i) a decline in stockholders&#8217; equity in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company&#8217;s failure to maintain its REIT status, (iii) the Company&#8217;s failure to comply with limits on the amount of leverage, and (iv) the Company&#8217;s stock being delisted from the New York Stock Exchange. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the occurrence of any one of items (i) through (iv), or another default under the agreement, the counterparty to the applicable agreement has a right to terminate the agreement in accordance with its provisions. The aggregate fair value of all derivative instruments with the aforementioned features were in a net liability position at&#160;March 31, 2025 of $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DerivativeNetLiabilityPositionAggregateFairValue" format="ixt:num-dot-decimal" scale="6" id="f-1080">115.1</ix:nonFraction>&#160;million, which represents the maximum amount the Company would be required to pay upon termination. This amount is fully collateralized.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_97"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueDisclosuresTextBlock" id="f-1085" continuedAt="f-1085-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">10. FAIR VALUE MEASUREMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><ix:continuation id="f-365-2" continuedAt="f-365-3"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. </span></ix:continuation></div><ix:continuation id="f-365-3"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level&#160;1) and the lowest priority to unobservable inputs (Level&#160;3).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 3 &#8211; inputs to the valuation methodology are unobservable and significant to overall fair value.</span></div></ix:continuation><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="f-1086" continuedAt="f-1086-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company&#8217;s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1. </span></div></ix:nonNumeric></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1085-1" continuedAt="f-1085-2"><ix:continuation id="f-1086-1" continuedAt="f-1086-2"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, residential mortgage loans, interest rate swap and swaption markets and TBA derivatives are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company&#8217;s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.&#160;Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral.&#160;Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the fair value of debt issued by securitization vehicles, refer to the &#8220;Variable Interest Entities&#8221; Note for additional information.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-1086-2">The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company&#8217;s financial statements.</ix:continuation>&#160;</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" id="f-1087" continuedAt="f-1087-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. 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Financial Statements</span></div></div><ix:continuation id="f-1087-1"><ix:continuation id="f-1085-2" continuedAt="f-1085-3"><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"/><td style="width:43.507%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.135%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.135%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.135%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.140%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securities</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" 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scale="3" id="f-1125">98,747,860</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-259" decimals="-3" name="nly:FinancialAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1126">3,272,902</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-260" decimals="-3" 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1128">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-258" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1129">21,802,193</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-259" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1130">&#8212;</ix:nonFraction></span><span 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name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1136">2,519,125</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-258" decimals="-3" name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1137">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New 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name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1148">2,667,496</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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#000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-259" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1150">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-260" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1151">26,250,656</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid 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format="ixt:fixed-zero" scale="3" id="f-1152">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1153">67,434,068</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 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name="us-gaap:FinancialInstrumentsOwnedOtherAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1157">754,915</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedOtherAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1158">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1166">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="nly:MortgageLoansFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1168">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="nly:MortgageLoansFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1169">3,546,902</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="nly:MortgageLoansFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1170">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="nly:MortgageLoansFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1171">3,546,902</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:fixed-zero" scale="3" id="f-1172">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:fixed-zero" scale="3" id="f-1173">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-1174">2,909,134</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:ServicingAssetAtFairValueAmount" format="ixt:num-dot-decimal" scale="3" id="f-1175">2,909,134</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1176">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1177">21,973,188</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1178">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancialInstrumentsOwnedAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1179">21,973,188</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-301" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1180">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-302" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1181">21,226</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-303" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1182">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1183">21,226</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1184">190,980</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1185">13,145</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1186">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1187">204,125</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="nly:FinancialAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1188">190,980</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="nly:FinancialAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1189">95,310,908</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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contextRef="c-284" decimals="-3" name="nly:FinancialAssetsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1191">98,411,022</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt 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name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1192">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1193">19,540,678</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1194">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1195">19,540,678</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:fixed-zero" scale="3" id="f-1196">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1197">1,154,816</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:fixed-zero" scale="3" id="f-1198">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1199">1,154,816</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1200">2,470,629</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1201">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1202">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1203">2,470,629</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="us-gaap:InterestRateDerivativeLiabilitiesAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1204">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:InterestRateDerivativeLiabilitiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1205">7,212</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:InterestRateDerivativeLiabilitiesAtFairValue" format="ixt:fixed-zero" scale="3" id="f-1206">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:InterestRateDerivativeLiabilitiesAtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1207">7,212</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1208">16,650</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1209">35,724</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1210">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1211">52,374</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1212">2,487,279</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1213">20,738,430</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:fixed-zero" scale="3" id="f-1214">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1215">23,225,709</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:continuation></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_100"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1085-3"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Qualitative and Quantitative Information about Level 3 Fair Value Measurements</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements are described below. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently from changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. For MSR, in general, increases in the discount, prepayment or delinquency rates or in annual servicing costs in isolation would result in a lower fair value measurement. A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company&#8217;s investments in MSR, which in turn could result in a decline in the estimated fair value of MSR. Refer to the &#8220;Mortgage Servicing Rights&#8221; Note for additional information, including rollforwards.</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" id="f-1216" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company&#8217;s risk management practices that might offset risks inherent in these Level 3 investments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.233%"><tr><td style="width:1.0%"/><td style="width:31.909%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.909%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.770%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.912%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unobservable Input </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range (Weighted Average)</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-305" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1217">6.2</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-306" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1218">12.2</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-307" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1219">8.2</ix:nonFraction>%)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-308" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1220">7.4</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-309" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1221">12.4</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-310" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1222">8.4</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayment rate</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-311" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1223">4.4</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-312" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1224">21.3</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-313" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1225">5.5</ix:nonFraction>%)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-314" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1226">4.7</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-315" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1227">17.2</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-316" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1228">5.6</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Delinquency rate</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-317" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1229">0.2</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-318" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1230">3.9</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-319" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1231">1.2</ix:nonFraction>%)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-320" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1232">0.2</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-321" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1233">4.1</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-322" decimals="3" name="us-gaap:ServicingAssetMeasurementInput" scale="-2" id="f-1234">1.3</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost to service</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-323" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1235">83</ix:nonFraction> - $<ix:nonFraction unitRef="usd" contextRef="c-324" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1236">98</ix:nonFraction> ($<ix:nonFraction unitRef="usd" contextRef="c-325" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1237">87</ix:nonFraction>)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-326" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1238">83</ix:nonFraction> - $<ix:nonFraction unitRef="usd" contextRef="c-327" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1239">99</ix:nonFraction> ($<ix:nonFraction unitRef="usd" contextRef="c-328" decimals="INF" name="us-gaap:ServicingAssetMeasurementInput" scale="0" id="f-1240">87</ix:nonFraction>)</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.</span></div></td></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueByBalanceSheetGroupingTextBlock" id="f-1241" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at March 31, 2025 and December 31, 2024.</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"/><td style="width:49.584%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.467%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.467%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.467%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.561%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.471%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-329" decimals="-3" name="us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1242">61,659,460</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-330" decimals="-3" name="us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1243">61,659,460</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1244">65,688,923</ix:nonFraction></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1245">65,688,923</ix:nonFraction></span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-329" decimals="-3" name="us-gaap:OtherSecuredFinancings" format="ixt:num-dot-decimal" scale="3" id="f-1246">900,000</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-330" decimals="-3" name="us-gaap:OtherSecuredFinancings" format="ixt:num-dot-decimal" scale="3" id="f-1247">900,000</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:OtherSecuredFinancings" format="ixt:num-dot-decimal" scale="3" id="f-1248">750,000</ix:nonFraction></span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:OtherSecuredFinancings" format="ixt:num-dot-decimal" scale="3" id="f-1249">750,000</ix:nonFraction></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying values of repurchase agreements and short term other secured financing approximate fair value and are considered Level 2 fair value measurements. Long term other secured financing is valued using Level 2 inputs.</span></div></ix:continuation><div><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_103"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:IntangibleAssetsDisclosureTextBlock" id="f-1250" continuedAt="f-1250-1" escape="true"><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">11. &#160;INTANGIBLE ASSETS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Intangible assets, net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finite life intangible assets are amortized over their expected useful lives. As part of the Company&#8217;s management internalization transaction, which closed on June 30, 2020, the Company recognized an intangible asset for the acquired assembled workforce of approximately $<ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-5" name="us-gaap:FinitelivedIntangibleAssetsAcquired1" scale="6" id="f-1251">41.2</ix:nonFraction> million based on the replacement cost of the employee base acquired by the Company. </span></div></ix:nonNumeric><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" id="f-1252" escape="true"><ix:continuation id="f-1250-1"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of finite lived intangible assets for the three months ended March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.263%"><tr><td style="width:1.0%"/><td style="width:70.593%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.207%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible Assets, net</span></td></tr><tr><td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" format="ixt:num-dot-decimal" scale="3" id="f-1253">9,416</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less: amortization expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:AmortizationOfIntangibleAssets" scale="3" id="f-1254">673</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" format="ixt:num-dot-decimal" scale="3" id="f-1255">8,743</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="6" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_106"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:DebtDisclosureTextBlock" id="f-1256" continuedAt="f-1256-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">12. SECURED FINANCING</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reverse Repurchase and Repurchase Agreements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; <ix:nonNumeric contextRef="c-1" name="nly:RepurchaseAgreementsPolicyTextBlock" id="f-1257" continuedAt="f-1257-1" escape="true">The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, </ix:nonNumeric></span><ix:continuation id="f-1257-1" continuedAt="f-1257-2"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Transfers and Servicing</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and has determined that each of the financing agreements should be treated as a secured financing.</span></ix:continuation></div><ix:continuation id="f-1257-2"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had outstanding $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="9" id="f-1258">61.7</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-8" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="9" id="f-1259">65.7</ix:nonFraction>&#160;billion of repurchase agreements with weighted average remaining maturities of <ix:nonNumeric contextRef="c-1" name="us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" format="ixt-sec:durday" id="f-1260">50</ix:nonNumeric> days and <ix:nonNumeric contextRef="c-334" name="us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" format="ixt-sec:durday" id="f-1261">32</ix:nonNumeric> days and weighted average rates of <ix:nonFraction unitRef="number" contextRef="c-7" decimals="4" name="nly:RepurchaseAgreementsWeightedAverageRates" scale="-2" id="f-1262">4.56</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-8" decimals="4" name="nly:RepurchaseAgreementsWeightedAverageRates" scale="-2" id="f-1263">4.76</ix:nonFraction>% at March 31, 2025 and December 31, 2024, respectively. 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-350" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1282">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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format="ixt:num-dot-decimal" scale="3" id="f-1284">15,441,824</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-353" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1285">20,336,079</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-354" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1286">36,152</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-355" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1287">411,299</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-356" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1288">223,945</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-357" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1289">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1290">21,007,475</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1291">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-360" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1292">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-361" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1293">115,425</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-362" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1294">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-363" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1295">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-364" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1296">115,425</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-365" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1297">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-366" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1298">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1299">362,623</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-368" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1300">1,445,128</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-369" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1301">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-370" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1302">1,807,751</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-138" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1303">59,672,873</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-62" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1304">345,678</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-371" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1305">2,460,437</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-15" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1306">1,669,073</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1307">52,559</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="3" id="f-1310">61,659,460</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1256-1"><ix:continuation id="f-1266-1"><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"><tr><td style="width:1.0%"/><td style="width:16.955%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.251%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.571%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.079%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.571%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.332%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.571%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.251%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.571%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:14.332%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.571%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.245%"/><td style="width:0.1%"/></tr><tr><td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CRTs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Mortgage Loans</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial Mortgage-Backed Securities</span></td><td colspan="3" 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-373" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1312">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-374" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1313">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-375" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1314">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-376" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1315">&#8212;</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 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style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-383" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1322">29,936,453</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-384" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1323">34,496,443</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-385" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1324">116,087</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-386" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1325">682,037</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-387" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1326">251,357</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-388" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1327">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-389" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1328">35,545,924</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-390" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1329">692,255</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-391" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1330">47,583</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-392" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1331">545,684</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-393" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1332">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-394" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1333">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-395" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1334">1,285,522</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-396" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1335">2,085</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-397" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1336">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-398" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1337">60,383</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-399" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1338">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-400" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1339">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-401" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1340">62,468</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-402" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1341">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-403" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1342">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-404" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1343">332,040</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-405" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1344">1,139,604</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-406" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:fixed-zero" scale="3" id="f-1345">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-407" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1346">1,471,644</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-139" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1347">63,794,614</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-63" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1348">569,011</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-408" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1349">2,481,415</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-16" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1350">1,390,961</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1351">66,010</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1352">68,302,011</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset in accordance with netting arrangements</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset" format="ixt:num-dot-decimal" scale="3" id="f-1353">2,613,088</ix:nonFraction>)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="3" id="f-1354">65,688,923</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Less than <ix:nonFraction unitRef="number" contextRef="c-7" decimals="2" name="nly:RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" scale="-2" id="f-1355"><ix:nonFraction unitRef="number" contextRef="c-8" decimals="2" name="nly:RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" scale="-2" id="f-1356">1</ix:nonFraction></ix:nonFraction>% of repurchase agreements had a remaining maturity over 1 year at March 31, 2025 and December 31, 2024.</span></div></td></tr></table></div></ix:continuation><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfRepurchaseAgreements" id="f-1357" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024.&#160;Refer to the &#8220;Derivative Instruments&#8221; Note for information related to the effect of netting arrangements on the Company&#8217;s derivative instruments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"/><td style="width:25.860%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.547%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.547%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.547%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.616%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.551%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gross amounts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross" format="ixt:num-dot-decimal" scale="3" id="f-1358">2,541,160</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1359">64,200,620</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross" format="ixt:num-dot-decimal" scale="3" id="f-1360">2,613,088</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross" format="ixt:num-dot-decimal" scale="3" id="f-1361">68,302,011</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability" format="ixt:num-dot-decimal" scale="3" id="f-1362">2,541,160</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset" format="ixt:num-dot-decimal" scale="3" id="f-1363">2,541,160</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability" format="ixt:num-dot-decimal" scale="3" id="f-1364">2,613,088</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset" format="ixt:num-dot-decimal" scale="3" id="f-1365">2,613,088</ix:nonFraction>)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Netted amounts</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 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style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="3" id="f-1367">61,659,460</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" format="ixt:fixed-zero" scale="3" id="f-1368">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" format="ixt:num-dot-decimal" scale="3" id="f-1369">65,688,923</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of collateral received in connection with reverse repurchase agreements as of March 31, 2025 was $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" format="ixt:num-dot-decimal" scale="9" id="f-1370">2.5</ix:nonFraction>&#160;billion, of which the Company sold $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" format="ixt:num-dot-decimal" scale="9" id="f-1371">2.5</ix:nonFraction>&#160;billion. The fair value of collateral received in connection with reverse repurchase agreements as of  December 31, 2024 was $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-8" name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" format="ixt:num-dot-decimal" scale="9" id="f-1372">2.6</ix:nonFraction>&#160;billion, of which the Company sold $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-8" name="us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" format="ixt:num-dot-decimal" scale="9" id="f-1373">2.5</ix:nonFraction>&#160;billion. The amount of collateral sold is reported at fair value in the Company&#8217;s Consolidated Statements of Financial Condition as U.S. Treasury securities sold, not yet purchased.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other Secured Financing </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- As of March 31, 2025, the Company had $<ix:nonFraction unitRef="usd" contextRef="c-409" decimals="-8" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="9" id="f-1374">1.8</ix:nonFraction>&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of March 31, 2025 totaled $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:OtherSecuredFinancings" scale="6" id="f-1375">900.0</ix:nonFraction> million with maturities ranging between <ix:nonNumeric contextRef="c-410" name="nly:DebtInstrumentMaturity" format="ixt-sec:durwordsen" id="f-1376">one year</ix:nonNumeric> to <ix:nonNumeric contextRef="c-411" name="nly:DebtInstrumentMaturity" format="ixt-sec:durwordsen" id="f-1377">two years</ix:nonNumeric>. As of December 31, 2024, the Company had $<ix:nonFraction unitRef="usd" contextRef="c-412" decimals="-8" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="9" id="f-1378">1.6</ix:nonFraction>&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of December 31, 2024 totaled $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-5" name="us-gaap:OtherSecuredFinancings" scale="6" id="f-1379">750.0</ix:nonFraction> million with maturities ranging between <ix:nonNumeric contextRef="c-413" name="nly:DebtInstrumentMaturity" format="ixt-sec:durwordsen" id="f-1380">one month</ix:nonNumeric> to <ix:nonNumeric contextRef="c-414" name="nly:DebtInstrumentMaturity" format="ixt-sec:durwordsen" id="f-1381">two years</ix:nonNumeric>. The weighted average interest rate of the borrowings was <ix:nonFraction unitRef="number" contextRef="c-7" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1382">7.03</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-8" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1383">7.21</ix:nonFraction>% as of March 31, 2025 and December 31, 2024, respectively. Borrowings are reported in Other secured financing in the Company&#8217;s Consolidated Statements of Financial Condition. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Variable Interest Entities&#8221; Note for additional information on the Company&#8217;s other secured financing arrangements at December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" scale="9" id="f-1384">68.0</ix:nonFraction> billion and $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="nly:RepurchaseAgreementsAccruedInterest" scale="6" id="f-1385">310.1</ix:nonFraction> million, respectively, at March 31, 2025 and $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-8" name="nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" format="ixt:num-dot-decimal" scale="9" id="f-1386">71.8</ix:nonFraction>&#160;billion and $<ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-5" name="nly:RepurchaseAgreementsAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-1387">332.7</ix:nonFraction>&#160;million, respectively, at December 31, 2024.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_109"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="f-1388" continuedAt="f-1388-1" escape="true"><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">13. CAPITAL STOCK</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(A)&#160;&#160;&#160;&#160;Common Stock</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfStockByClassTextBlock" id="f-1389" continuedAt="f-1389-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s common shares authorized, and issued and outstanding at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.327%"><tr><td style="width:1.0%"/><td style="width:20.012%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.757%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.109%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.102%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.109%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.266%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.945%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.775%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.725%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares issued and outstanding</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Par Value</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Common stock</span></div></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-7" decimals="INF" name="us-gaap:CommonStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1390">1,468,250,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:CommonStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1391">1,468,250,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-7" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1392"><ix:nonFraction unitRef="shares" contextRef="c-7" decimals="INF" name="us-gaap:CommonStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1393">602,338,286</ix:nonFraction></ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:CommonStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1394"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1395">578,357,118</ix:nonFraction></ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-7" decimals="INF" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="f-1396"><ix:nonFraction unitRef="usdPerShare" contextRef="c-8" decimals="INF" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="f-1397">0.01</ix:nonFraction></ix:nonFraction></span></td></tr></table></div></ix:nonNumeric><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2022, the Company announced that its Board authorized the repurchase of up to $<ix:nonFraction unitRef="usd" contextRef="c-415" decimals="-8" name="srt:StockRepurchaseProgramAuthorizedAmount1" format="ixt:num-dot-decimal" scale="9" id="f-1398">1.5</ix:nonFraction>&#160;billion of its outstanding shares of common stock through December 31, 2024 (the &#8220;Prior Common Stock Repurchase Program&#8221;). In January 2025, the Company announced that its Board authorized the repurchase of up to $<ix:nonFraction unitRef="usd" contextRef="c-416" decimals="-8" name="srt:StockRepurchaseProgramAuthorizedAmount1" format="ixt:num-dot-decimal" scale="9" id="f-1399">1.5</ix:nonFraction>&#160;billion of its outstanding shares of common stock through December 31, 2029 (the &#8220;Current Common Stock Repurchase Program&#8221;). The Current Common Stock Repurchase Program replaced the Prior Common Stock Repurchase Program.  During the three months ended March 31, 2025 and 2024, <ix:nonFraction unitRef="shares" contextRef="c-417" decimals="INF" name="us-gaap:TreasuryStockSharesAcquired" format="ixt:fixed-zero" scale="0" id="f-1400"><ix:nonFraction unitRef="shares" contextRef="c-418" decimals="INF" name="us-gaap:TreasuryStockSharesAcquired" format="ixt:fixed-zero" scale="0" id="f-1401">no</ix:nonFraction></ix:nonFraction> shares were repurchased under the Current Common Stock Repurchase Program or the Prior Common Stock Repurchase Program, respectively.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.619%"><tr><td style="width:1.0%"/><td style="width:64.315%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.615%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.376%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.615%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.379%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 20, 2024, the Company entered into separate Distribution Agency Agreements (collectively, the &#8220;Prior Sales Agreements&#8221;) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs &amp; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &amp; Woods, Inc., Morgan Stanley &amp; Co., LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the &#8220;Prior Sales Agents&#8221;). Under the terms of the Prior Sales Agreements, the Company offered and sold shares of its common stock, having an aggregate offering price of up to $<ix:nonFraction unitRef="usd" contextRef="c-419" decimals="-8" name="nly:SaleofStockOfferingPrice" format="ixt:num-dot-decimal" scale="9" id="f-1402">1.5</ix:nonFraction>&#160;billion, from time to time through any of the Prior Sales Agents (the &#8220;at-the-market sales program&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025, under the at-the-market sales program, the Company issued <ix:nonFraction unitRef="shares" contextRef="c-420" decimals="INF" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" format="ixt:num-dot-decimal" scale="6" id="f-1403">23.3</ix:nonFraction>&#160;million shares for proceeds of $<ix:nonFraction unitRef="usd" contextRef="c-420" decimals="-5" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" format="ixt:num-dot-decimal" scale="6" id="f-1404">495.7</ix:nonFraction>&#160;million, net of commissions and fees. During the three months ended March 31, 2024, <ix:nonFraction unitRef="shares" contextRef="c-421" decimals="INF" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" format="ixt:fixed-zero" scale="0" id="f-1405">no</ix:nonFraction> shares were issued under the at-the-market sales program pursuant to the Prior Sales Agreements; however, the Company incurred costs to maintain the effectiveness of the at-the-market sales program that was in effect at that time.</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(B)&#160;&#160;&#160;&#160;Preferred Stock</span></div><ix:continuation id="f-1389-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a summary of the Company&#8217;s cumulative redeemable preferred stock outstanding at March 31, 2025 and December 31, 2024. In the event of a liquidation or dissolution of the Company, the Company&#8217;s then outstanding preferred stock takes precedence over the Company&#8217;s common stock with respect to payment of dividends and the distribution of assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"/><td style="width:6.569%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.044%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.044%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.044%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.159%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.159%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.537%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.382%"/><td style="width:0.1%"/></tr><tr style="height:30pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Issued And Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Contractual Rate</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Earliest Redemption Date </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Effective Date of Floating Rate Dividend Period</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Floating Annual Rate </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span></div></td></tr><tr style="height:18pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="48" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed-to-floating rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series F</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-422" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1406">28,800,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-423" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1407">28,800,000</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-422" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1408"><ix:nonFraction unitRef="shares" contextRef="c-422" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1409">28,800,000</ix:nonFraction></ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-423" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1410"><ix:nonFraction unitRef="shares" contextRef="c-423" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1411">28,800,000</ix:nonFraction></ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-422" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1412">696,910</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-423" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1413">696,910</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-424" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1414">6.95</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + <ix:nonFraction unitRef="number" contextRef="c-424" decimals="5" name="nly:PreferredStockDividendRatePercentageBasisSpread" scale="-2" id="f-1415">4.993</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series G</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-425" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1416">17,000,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-426" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1417">17,000,000</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-425" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1418"><ix:nonFraction unitRef="shares" contextRef="c-425" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1419">17,000,000</ix:nonFraction></ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-426" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1420"><ix:nonFraction unitRef="shares" contextRef="c-426" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1421">17,000,000</ix:nonFraction></ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-425" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1422">411,335</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-426" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1423">411,335</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-427" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1424">6.50</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + <ix:nonFraction unitRef="number" contextRef="c-427" decimals="5" name="nly:PreferredStockDividendRatePercentageBasisSpread" scale="-2" id="f-1425">4.172</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series I</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-428" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1426">17,700,000</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-429" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1427">17,700,000</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-428" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1428"><ix:nonFraction unitRef="shares" contextRef="c-428" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1429">17,700,000</ix:nonFraction></ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-429" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1430"><ix:nonFraction unitRef="shares" contextRef="c-429" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1431">17,700,000</ix:nonFraction></ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-428" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1432">428,324</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-429" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1433">428,324</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-430" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1434">6.75</ix:nonFraction>%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + <ix:nonFraction unitRef="number" contextRef="c-430" decimals="5" name="nly:PreferredStockDividendRatePercentageBasisSpread" scale="-2" id="f-1435">4.989</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 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style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1437">63,500,000</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-7" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1438"><ix:nonFraction unitRef="shares" contextRef="c-7" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1439">63,500,000</ix:nonFraction></ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-1440"><ix:nonFraction unitRef="shares" contextRef="c-8" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-1441">63,500,000</ix:nonFraction></ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1442">1,536,569</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:PreferredStockValue" format="ixt:num-dot-decimal" scale="3" id="f-1443">1,536,569</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr style="height:3pt"><td colspan="48" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="48" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subject to the Company&#8217;s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of <ix:nonFraction unitRef="number" contextRef="c-431" decimals="7" name="nly:PreferredStockDividendRatePercentageBasisSpread" scale="-2" id="f-1444">0.26161</ix:nonFraction>%) plus the spread specified in the prospectus.</span></div></td></tr></table></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each series of preferred stock has a par value of $<ix:nonFraction unitRef="usdPerShare" contextRef="c-7" decimals="INF" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" id="f-1445">0.01</ix:nonFraction> per share and a liquidation and redemption price of $<ix:nonFraction unitRef="usdPerShare" contextRef="c-7" decimals="2" name="us-gaap:PreferredStockRedemptionPricePerShare" scale="0" id="f-1446">25.00</ix:nonFraction>, plus accrued and unpaid dividends through their redemption date. Through March 31, 2025, the Company had declared and paid all required quarterly dividends on the Company&#8217;s preferred stock.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative Preferred Stock rank senior to the common stock of the Company.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2024, the Board approved a repurchase plan for all of our existing outstanding Preferred Stock (as defined below) (the &#8220;Preferred Stock Repurchase Program&#8221;). Under the terms of the Preferred Stock Repurchase Program, we are authorized to repurchase up to&#160;an aggregate of <ix:nonFraction unitRef="shares" contextRef="c-432" decimals="INF" name="srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" format="ixt:num-dot-decimal" scale="0" id="f-1447">63,500,000</ix:nonFraction> shares of Preferred Stock, comprised of up to (i) <ix:nonFraction unitRef="shares" contextRef="c-423" decimals="INF" name="srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" format="ixt:num-dot-decimal" scale="0" id="f-1448">28,800,000</ix:nonFraction> shares </span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">26</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1388-1"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of its <ix:nonFraction unitRef="number" contextRef="c-433" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1449">6.95</ix:nonFraction>% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $<ix:nonFraction unitRef="usdPerShare" contextRef="c-423" decimals="INF" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" id="f-1450">0.01</ix:nonFraction> per share (the &#8220;Series F Preferred Stock&#8221;), (ii) <ix:nonFraction unitRef="shares" contextRef="c-426" decimals="INF" name="srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" format="ixt:num-dot-decimal" scale="0" id="f-1451">17,000,000</ix:nonFraction> shares of its <ix:nonFraction unitRef="number" contextRef="c-434" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1452">6.50</ix:nonFraction>% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $<ix:nonFraction unitRef="usdPerShare" contextRef="c-426" decimals="INF" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" id="f-1453">0.01</ix:nonFraction> per share (the &#8220;Series G Preferred Stock&#8221;), and (iii) <ix:nonFraction unitRef="shares" contextRef="c-429" decimals="INF" name="srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" format="ixt:num-dot-decimal" scale="0" id="f-1454">17,700,000</ix:nonFraction> shares of its <ix:nonFraction unitRef="number" contextRef="c-435" decimals="4" name="us-gaap:PreferredStockDividendRatePercentage" scale="-2" id="f-1455">6.75</ix:nonFraction>% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $<ix:nonFraction unitRef="usdPerShare" contextRef="c-429" decimals="INF" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" id="f-1456">0.01</ix:nonFraction> per share (the &#8220;Series I Preferred Stock&#8221;, and together with Series F Preferred Stock and Series G Preferred Stock, the &#8220;Preferred Stock&#8221;). The aggregate liquidation value of the Preferred Stock that may be repurchased by the Company pursuant to the Prior Preferred Stock Repurchase Program, as of November 3, 2022, was approximately $<ix:nonFraction unitRef="usd" contextRef="c-432" decimals="-8" name="srt:StockRepurchaseProgramAuthorizedAmount1" format="ixt:num-dot-decimal" scale="9" id="f-1457">1.6</ix:nonFraction>&#160;billion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Preferred Stock Repurchase Program became effective on January 1, 2025 and will expire on December 31, 2029, and replaced the Preferred Stock repurchase program, which was effective from November 2, 2022 and expired on December 31, 2024 (the &#8220;Prior Preferred Stock Repurchase Program&#8221;). No shares were repurchased with respect to the Preferred Stock Repurchase Program during the three months ended March 31, 2025 and the Prior Preferred Stock Repurchase Program during the three months ended March 31, 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(C)&#160;&#160;&#160;&#160;Distributions to Stockholders</span></div><ix:nonNumeric contextRef="c-1" name="us-gaap:DividendsDeclaredTableTextBlock" id="f-1458" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s dividend distribution activity for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.146%"><tr><td style="width:1.0%"/><td style="width:57.849%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.938%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.772%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.941%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends and dividend equivalents declared on common stock and share-based awards</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DividendsCommonStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1459">423,863</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:DividendsCommonStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1460">326,872</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions declared per common share</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-1461">0.70</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-17" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-1462">0.65</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid to common stockholders after period end</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsOfDividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-1463">421,637</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:PaymentsOfDividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-1464">325,286</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid per common share after period end</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:CommonStockDividendsPerShareCashPaid" scale="0" id="f-1465">0.70</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-17" decimals="2" name="us-gaap:CommonStockDividendsPerShareCashPaid" scale="0" id="f-1466">0.65</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date of distributions paid to common stockholders after period end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">April 30, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 30, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series F preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-424" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1467">17,250</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-436" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1468">19,085</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series F preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-424" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1469">0.599</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-436" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1470">0.663</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series G preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-427" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1471">9,310</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-437" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1472">10,509</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series G preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-427" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1473">0.548</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-437" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1474">0.618</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series I preferred stockholders</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 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style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-438" decimals="-3" name="us-gaap:DividendsPreferredStockCash" format="ixt:num-dot-decimal" scale="3" id="f-1477">7,467</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series I preferred stock</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-430" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1478">0.599</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-438" decimals="3" name="us-gaap:PreferredStockDividendsPerShareDeclared" scale="0" id="f-1479">0.422</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_118"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock" id="f-1480" escape="true"><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">14. &#160;INTEREST INCOME AND INTEREST EXPENSE</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Significant Accounting Policies&#8221; Note for details surrounding the Company&#8217;s accounting policy related to net interest income on securities and loans.</span></div><ix:nonNumeric contextRef="c-1" name="nly:SummaryOfInterestIncomeRecognitionMethodologyForResidentialInvestmentSecuritiesTableTextBlock" id="f-1481" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the interest income recognition methodology for Residential Securities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.947%"><tr><td style="width:1.0%"/><td style="width:69.270%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.530%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Income Methodology</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual Cash Flows</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CRT </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="6" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.</span></div></td></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock" id="f-1482" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the components of the Company&#8217;s interest income and interest expense for the three months ended March 31, 2025 and 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.181%"><tr><td style="width:1.0%"/><td style="width:50.836%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.362%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.938%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.364%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest income</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestIncomeAgencySecurityLoans" 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0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures" format="ixt:num-dot-decimal" scale="3" id="f-1485">40,207</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures" format="ixt:num-dot-decimal" scale="3" id="f-1486">55,996</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:InterestIncomeResidentialMortgageLoans" format="ixt:num-dot-decimal" scale="3" id="f-1488">252,016</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" 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style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse repurchase agreements</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" format="ixt:num-dot-decimal" scale="3" id="f-1491">29,609</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" format="ixt:num-dot-decimal" scale="3" id="f-1492">31,406</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestExpenseSecuritizedDebtOfConsolidatedVie" format="ixt:num-dot-decimal" scale="3" id="f-1497">283,592</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="nly:InterestExpenseParticipationSold" format="ixt:num-dot-decimal" scale="3" id="f-1499">27,044</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="nly:InterestExpenseParticipationSold" format="ixt:num-dot-decimal" scale="3" id="f-1500">20,251</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" format="ixt:num-dot-decimal" scale="3" id="f-1501">25,718</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" format="ixt:num-dot-decimal" scale="3" id="f-1502">22,073</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total interest expense</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestExpense" format="ixt:num-dot-decimal" scale="3" id="f-1503">1,097,137</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:InterestExpense" format="ixt:num-dot-decimal" scale="3" id="f-1504">1,100,939</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestIncomeExpenseNet" format="ixt:num-dot-decimal" scale="3" id="f-1505">219,971</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid 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style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">28</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_127"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:EarningsPerShareTextBlock" id="f-1507" continuedAt="f-1507-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">15. &#160;NET INCOME (LOSS) PER COMMON SHARE</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" id="f-1508" continuedAt="f-1508-1" escape="true"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three months ended March 31, 2025 and 2024.</span></ix:nonNumeric></div><ix:continuation id="f-1508-1"><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.730%"><tr><td style="width:1.0%"/><td style="width:58.166%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.784%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.785%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid 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style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average shares of common stock outstanding-basic</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-1519">587,149,704</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-17" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-1520">500,612,840</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 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style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareBasic" scale="0" id="f-1525">0.15</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-1527">0.15</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usdPerShare" contextRef="c-17" decimals="2" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-1528">0.85</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">                           </span></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-1507-1">There were <ix:nonFraction unitRef="shares" contextRef="c-1" decimals="-5" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" format="ixt-sec:numwordsen" id="f-1529">no</ix:nonFraction> potentially dilutive restricted stock units or performance stock units for the three months ended March 31, 2025. The computations of diluted net income (loss) per share available (related) to common share for the three months ended March 31, 2024 exclude <ix:nonFraction unitRef="shares" contextRef="c-17" decimals="-5" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="6" id="f-1530">1.5</ix:nonFraction> million of potentially dilutive restricted stock units and performance stock units because their effect would have been anti-dilutive.</ix:continuation> </span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_136"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:IncomeTaxDisclosureTextBlock" id="f-1531" continuedAt="f-1531-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">16. &#160;INCOME TAXES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025, the Company was qualified to be taxed as a REIT under Code Sections 856 through 860. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements that relate to, among other things, assets it may hold, income it may generate and its stockholder composition. It is generally the Company&#8217;s policy to distribute <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="nly:PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit" scale="-2" id="f-1532">100</ix:nonFraction>% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company distributes such shortfall within the next year as permitted by the Code.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company and certain of its direct and indirect subsidiaries, including Annaly TRS, Inc. and certain subsidiaries of joint ventures, have made separate joint elections to treat these subsidiaries as TRSs.&#160;As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provisions of ASC 740, Income Taxes (&#8220;ASC 740&#8221;), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does <ix:nonFraction unitRef="usd" contextRef="c-7" decimals="INF" name="us-gaap:UnrecognizedTaxBenefits" format="ixt:fixed-zero" scale="0" id="f-1533"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="INF" name="us-gaap:UnrecognizedTaxBenefits" format="ixt:fixed-zero" scale="0" id="f-1534">not</ix:nonFraction></ix:nonFraction> have any unrecognized tax benefits that would affect its financial position. Thus, <ix:nonFraction unitRef="usd" contextRef="c-8" decimals="INF" name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" format="ixt:fixed-zero" scale="0" id="f-1535"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="INF" name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" format="ixt:fixed-zero" scale="0" id="f-1536">no</ix:nonFraction></ix:nonFraction> accruals for penalties and interest were deemed necessary at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company&#8217;s status as a REIT and, therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company&#8217;s TRSs are subject to federal, state and local taxes. 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AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1531-1"><ix:continuation id="f-1537-1"><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"/><td style="width:58.405%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.671%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.750%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.674%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Tax Expense (Benefit)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:CurrentFederalTaxExpenseBenefit" format="ixt:fixed-zero" scale="3" id="f-1540">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:CurrentFederalTaxExpenseBenefit" format="ixt:fixed-zero" scale="3" id="f-1541">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:CurrentStateAndLocalTaxExpenseBenefit" scale="3" id="f-1542">13</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:CurrentStateAndLocalTaxExpenseBenefit" format="ixt:fixed-zero" scale="3" id="f-1543">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" name="us-gaap:CurrentIncomeTaxExpenseBenefit" format="ixt:fixed-zero" scale="3" id="f-1545">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred Tax Expense (Benefit)</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DeferredFederalIncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="3" id="f-1546">7,222</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DeferredIncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="3" id="f-1550">8,254</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times 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style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:IncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="3" id="f-1552">8,267</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:IncomeTaxExpenseBenefit" scale="3" id="f-1553">943</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:12pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/></tr></table></div></ix:continuation><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" id="f-1554" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"/><td style="width:58.405%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.671%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.750%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.674%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Statutory federal income tax rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1" decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" id="f-1555">21.0</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-17" decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" id="f-1556">21.0</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable REIT income</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome" scale="-2" id="f-1558">24.5</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local taxes</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1" decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" scale="-2" id="f-1559">3.0</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-17" decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" scale="-2" id="f-1560">3.0</ix:nonFraction>&#160;</span></td><td 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-17" decimals="4" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" scale="-2" id="f-1562">0.3</ix:nonFraction>&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company recorded a net deferred tax asset of $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="6" id="f-1567">72.6</ix:nonFraction> million resulting primarily from loss carryforwards, securitization gains and unrealized losses on swaps, and a net deferred tax liability of $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DeferredTaxLiabilities" scale="6" id="f-1568">149.9</ix:nonFraction> million resulting primarily from unrealized gains on MSR, which is included in Other assets and Other liabilities, respectively, in the Consolidated Statements of Financial Condition. As of March 31, 2025, <ix:nonFraction unitRef="usd" contextRef="c-7" decimals="INF" name="us-gaap:DeferredTaxAssetsValuationAllowance" format="ixt:fixed-zero" scale="6" id="f-1569">no</ix:nonFraction> valuation allowance was established. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company's TRSs had approximately $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:OperatingLossCarryforwards" scale="6" id="f-1570">61.5</ix:nonFraction> million of net operating loss carryforwards for federal income tax purposes which may be available to offset future taxable income, including approximately $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" scale="6" id="f-1571">7.9</ix:nonFraction> million of net operating loss carryforwards that are subject to an annual limitation under Internal Revenue Code Section 382 and $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration" scale="6" id="f-1572">53.6</ix:nonFraction> million that can be carried forward indefinitely.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company's TRSs had approximately $<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:DeferredTaxAssetsCapitalLossCarryforwards" scale="6" id="f-1573">31.5</ix:nonFraction> million of capital loss carryforwards for federal income tax purposes which can be carried back three years and forward up to five years to offset capital gains.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_139"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><ix:nonNumeric contextRef="c-1" name="us-gaap:SegmentReportingDisclosureTextBlock" id="f-1574" continuedAt="f-1574-1" escape="true"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">17. &#160;SEGMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates in <ix:nonFraction unitRef="segment" contextRef="c-1" decimals="INF" name="us-gaap:NumberOfReportableSegments" format="ixt-sec:numwordsen" scale="0" id="f-1575">three</ix:nonFraction> 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 <ix:nonFraction unitRef="segment" contextRef="c-1" decimals="INF" name="us-gaap:NumberOfOperatingSegments" format="ixt-sec:numwordsen" scale="0" id="f-1576">three</ix:nonFraction> 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&#8217;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&#8217;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&#8217;s economic return (computed as the change in stockholders&#8217; equity attributable to common stockholders plus common stock dividends declared divided by the prior period&#8217;s stockholders&#8217; 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.</span></ix:nonNumeric></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock" id="f-1577" continuedAt="f-1577-1" escape="true"><ix:continuation id="f-1574-1" continuedAt="f-1574-2"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the reportable operating segments related to the Company&#8217;s results of operations for the three months ended March 31, 2025 and 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:42.051%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.651%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.651%"/><td style="width:0.1%"/><td style="width:1.0%"/><td 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-447" decimals="-3" name="nly:PayableForInvestmentSecuritiesPurchased" format="ixt:num-dot-decimal" scale="3" id="f-1690">84,498</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-441" decimals="-3" name="nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1577-1"><ix:continuation id="f-1574-2"><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:42.051%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.651%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.651%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.767%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.627%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.653%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Resi-credit</span></td><td colspan="3" 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-3" name="nly:NetServicingIncome" format="ixt:fixed-zero" scale="3" id="f-1734">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-451" decimals="-3" name="nly:NetServicingIncome" format="ixt:num-dot-decimal" scale="3" id="f-1735">102,868</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-452" decimals="-3" name="nly:NetServicingIncome" format="ixt:fixed-zero" scale="3" id="f-1736">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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name="us-gaap:NonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1738">300,952</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-3" name="us-gaap:NonoperatingIncomeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1739">105,366</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="usd" contextRef="c-451" decimals="-3" sign="-" name="us-gaap:NonoperatingIncomeExpense" scale="3" id="f-1740">870</ix:nonFraction>)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-452" decimals="-3" name="us-gaap:NonoperatingIncomeExpense" scale="3" id="f-1741">936</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" 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id="f-1808">273,394</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-3" name="us-gaap:ComprehensiveIncomeNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-1809">149,235</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid 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unitRef="usd" contextRef="c-451" decimals="-3" name="nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" format="ixt:fixed-zero" scale="3" id="f-1825">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-452" decimals="-3" name="nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" format="ixt:fixed-zero" scale="3" id="f-1826">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1831">325,286</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1832">325,286</ix:nonFraction>&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid 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contextRef="c-453" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-1833">66,485,685</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-454" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-1834">21,525,612</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-455" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-1835">3,209,074</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-456" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-1836">263,175</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-1837">91,483,546</ix:nonFraction>&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"/></tr></table></div></ix:continuation></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_142"></div><ix:nonNumeric contextRef="c-1" name="nly:RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" id="f-1838" continuedAt="f-1838-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">18. &#160;RISK MANAGEMENT</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The primary risks to the Company are liquidity and funding risk, investment/market risk, credit risk and operational risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company&#8217;s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest earning assets and the interest expense incurred in connection with the interest bearing liabilities, by affecting the spread between the interest earning assets and interest bearing liabilities. Changes in the level of interest rates can also affect the value of the interest earning assets and the Company&#8217;s ability to realize gains from the sale of these assets. A decline in the value of the interest earning assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral or liquidating some of the existing collateral to reduce borrowing levels.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may seek to mitigate the potential financial impact of these risks by entering into interest rate agreements such as interest rate swaps, interest rate swaptions and other hedges. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weakness in the mortgage market, the shape of the yield curve, changes in the expectations for the volatility of future interest rates and deterioration of financial conditions in general may adversely affect the performance and market value of the Company&#8217;s investments. This could negatively impact the Company&#8217;s book value.&#160;Furthermore, if many of the Company&#8217;s lenders are unwilling or unable to provide additional financing, the Company could be forced to sell its&#160;investments at an inopportune time&#160;when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario and sensitivity analyses and utilizing a range of hedging strategies.</span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1838-1"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The payment of principal and interest on the Freddie Mac and Fannie Mae Agency mortgage-backed securities, which exclude CRT securities issued by Freddie Mac and Fannie Mae, is guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities is backed by the full faith and credit of the U.S. government.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company faces credit risk on the portions of its portfolio which are not guaranteed by the respective Agency or by the full faith and credit of the U.S. government. The Company is exposed to credit risk on commercial mortgage-backed securities, residential mortgage loans, CRT securities and other non-Agency mortgage-backed securities. MSR values may also be adversely impacted by rising borrower delinquencies which would reduce servicing income and increase overall costs to service the underlying mortgage loans. The Company is exposed to risk of loss if an issuer, borrower or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, pre-purchase due diligence, maintaining qualifying collateral, continually assessing the creditworthiness of issuers, borrowers and counterparties, credit rating monitoring and active servicer oversight.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company depends on third party service providers to perform various business processes related to its operations, including mortgage loan servicers and sub-servicers. The Company&#8217;s vendor management policy establishes procedures for engaging, onboarding and monitoring the performance of third party vendors. For mortgage loan servicers and sub-servicers, these procedures include assessing a vendor&#8217;s financial health as well as oversight of its compliance with applicable laws and regulations, cybersecurity and business continuity programs and security of personal information.</span></div></ix:continuation><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_145"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:LesseeOperatingLeasesTextBlock" id="f-1839" continuedAt="f-1839-1" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">19. &#160;LEASE COMMITMENTS AND CONTINGENCIES </span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s operating leases are primarily comprised of corporate office leases with remaining lease terms of approximately <ix:nonNumeric contextRef="c-410" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" format="ixt-sec:durwordsen" id="f-1840">three years</ix:nonNumeric> and <ix:nonNumeric contextRef="c-411" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" format="ixt-sec:durwordsen" id="f-1841">seventeen years</ix:nonNumeric>. The corporate office leases include options to extend for up to <ix:nonNumeric contextRef="c-7" name="us-gaap:LesseeOperatingLeaseRenewalTerm" format="ixt-sec:durwordsen" id="f-1842">five years</ix:nonNumeric>, however the extension terms were not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. 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style="width:1.0%"/><td style="width:38.414%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.655%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.631%"/><td style="width:0.1%"/></tr><tr style="height:6pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating Leases</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Classification</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr style="height:6pt"><td colspan="9" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1846">Other assets</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:OperatingLeaseRightOfUseAsset" format="ixt:num-dot-decimal" scale="3" id="f-1847">27,523</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1848">Other liabilities</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:OperatingLeaseLiability" format="ixt:num-dot-decimal" scale="3" id="f-1849">28,106</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease term and discount rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average remaining lease term</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-7" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" format="ixt-sec:duryear" id="f-1850">16.8</ix:nonNumeric> years</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average discount rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-7" decimals="3" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" id="f-1851">7.0</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid for amounts included in the measurement of lease liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Operating cash flows from operating leases</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"/><td style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times 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style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity of Lease Liabilities</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Years ending December 31,</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025 (remaining)</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1854">2,121</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" scale="3" id="f-1855">261</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-1856">2,503</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" format="ixt:num-dot-decimal" scale="3" id="f-1857">3,854</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1858">3,831</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Later years</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="nly:LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1859">52,041</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total lease payments</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" format="ixt:num-dot-decimal" scale="3" id="f-1860">64,611</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less imputed interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" format="ixt:num-dot-decimal" scale="3" id="f-1861">36,505</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of lease liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:OperatingLeaseLiability" format="ixt:num-dot-decimal" scale="3" id="f-1862">28,106</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="6" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">33</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1.  Financial Statements</span></div></div><ix:continuation id="f-1839-1"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Contingencies</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock" id="f-1863" escape="true">From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company&#8217;s consolidated financial statements.</ix:nonNumeric> There were <ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-5" name="us-gaap:LossContingencyAccrualAtCarryingValue" format="ixt:fixed-zero" scale="0" id="f-1864"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-5" name="us-gaap:LossContingencyAccrualAtCarryingValue" format="ixt:fixed-zero" scale="0" id="f-1865">no</ix:nonFraction></ix:nonFraction> material contingencies at March 31, 2025 and December 31, 2024.</span></div></ix:continuation><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_148"></div><ix:nonNumeric contextRef="c-1" name="us-gaap:SubsequentEventsTextBlock" id="f-1866" escape="true"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">20. &#160;SUBSEQUENT EVENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2025, the Company completed and closed <ix:nonFraction unitRef="securitization" contextRef="c-457" decimals="INF" name="nly:NumberOfClosedSecuritizations" format="ixt-sec:numwordsen" id="f-1867">two</ix:nonFraction> securitizations of residential mortgage loans, OBX 2025-NQM6, with a face value of $<ix:nonFraction unitRef="usd" contextRef="c-458" decimals="-5" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="6" id="f-1868">553.2</ix:nonFraction>&#160;million, and OBX 2025-NQM7, with a face value of $<ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-5" name="us-gaap:PrincipalAmountOutstandingOnLoansSecuritized" format="ixt:num-dot-decimal" scale="6" id="f-1869">572.4</ix:nonFraction>&#160;million. These securitizations represent  financing transactions which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2025, the Company upsized capacity of an existing credit facility by $<ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-6" name="nly:LineOfCreditFacilityMaximumBorrowingCapacityIncrease" format="ixt:num-dot-decimal" scale="6" id="f-1870">100</ix:nonFraction>&#160;million for the Company&#8217;s residential mortgage loans.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 8, 2025, the Company entered into separate Distribution Agency Agreements with certain sales agents, which agreements terminated and replaced the Prior Sales Agreements. For additional information, see &#8220;Part II&#8212;Item 5. Other Information&#8212;Current At-the-Market Sales Program.&#8221;</span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">34</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_151"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-top:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 2. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_157"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Special Note Regarding Forward-Looking Statements</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain statements contained in this quarterly report, and certain statements contained in our future filings with the Securities and Exchange Commission (the &#8220;SEC&#8221; or the &#8220;Commission&#8221;), in our press releases or in our other public or stockholder communications contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;continue,&#8221; or similar terms or variations on those terms or the negative of those terms. Such statements include those relating to the Company&#8217;s future performance, macro outlook, the interest rate and credit environments, tax reform and future opportunities. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities (&#8220;MBS&#8221;) and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of the Company&#8217;s assets; changes in business conditions and the general economy; the Company&#8217;s ability to grow its residential credit business; the Company's ability to grow its mortgage servicing rights business; credit risks related to the Company&#8217;s investments in credit risk transfer securities and residential mortgage-backed securities and related residential mortgage credit assets; risks related to investments in mortgage servicing rights; the Company&#8217;s ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting the Company&#8217;s business; the Company&#8217;s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company&#8217;s ability to maintain its exemption from registration under the Investment Company Act of 1940; and operational risks or risk management failures by us or critical third parties, including cybersecurity incidents. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see &#8220;Risk Factors&#8221; in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">This Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our most recent annual report on Form 10-K. All references to &#8220;Annaly,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; mean Annaly Capital Management, Inc. and all entities owned by us, except where it is made clear that the term means only the parent company.&#160; Refer to the section titled &#8220;Glossary of Terms&#8221; located at the end of this Item 2 for definitions of commonly used terms in this quarterly report on Form 10-Q.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">35</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_160"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:93.629%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.171%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">INDEX TO ITEM 2.&#160;MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Page</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_163">Overview</a></span></div></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_163">37</a></span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_169">Business Environment</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_169">37</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_172">Economic Environment</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_172">38</a></span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_175">Results of Operations</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_175">39</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_178">Net Income (Loss) Summary</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_178">40</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_187">Non-GAAP Financial Measures</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_187">41</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings Available for Distribution<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_190">, </a>Earnings Available for Distribution<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_190"> Attributable to Common Stockholders, </a>Earnings Available for Distribution<a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_190"> Per Average Common Share and Annualized EAD Return on Average Equity</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_190">42</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_199">Premium Amortization Expense</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_199">44</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_208">Economic Leverage and Economic Capital Ratios</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_208">44</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_211">Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_211">45</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_220">Experienced and Projected Long-term CPR</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_220">46</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_226">Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA), and Average Economic Cost of Interest Bearing Liabilities</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_226">47</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_235">Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_235">48</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_241">Other Income (Loss)</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_241">49</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_244">General and Administrative Expenses</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_244">50</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_250">Return on Average Equity</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_250">50</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_256">Unrealized Gains and Losses</a> - Available-for-Sale Investments</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_256">50</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_259">Financial Condition</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_259">51</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_262">Residential Securities</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_262">51</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_265">Contractual Obligations</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_265">53</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_268">Commitments and Contractual Obligations with Unconsolidated Entities</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_268">54</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_271">Capital Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_271">54</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_274">Stockholders&#8217; Equity</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_274">54</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_277">Capital Stock</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_277">55</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_280">Leverage and Capital</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_280">56</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_283">Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_283">56</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_286">Risk Appetite</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_286">56</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_289">Governance</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_289">57</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_292">Description of Risks</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_292">57</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_295">Liquidity and Funding Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_295">58</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_298">Funding</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_298">58</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_301">Excess Liquidity</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_301">59</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_304">Maturity Profile</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_304">60</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_307">Stress Testing</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_307">61</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_310">Liquidity Management Policies</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_310">61</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_313">Investment/Market Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_313">62</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_316">Credit Risk Management</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_316">63</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_319">Counterparty Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_319">63</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_322">Operational Risk Management</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_322">64</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_325">Compliance, Regulatory and Legal Risk Management</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_325">65</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_328">Critical Accounting Estimates</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_328">65</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_331">Valuation of Financial Instruments</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_331">66</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_334">Residential Securities</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_334">66</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_337">Residential Mortgage Loans</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_337">66</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_340">MSR</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_340">66</a></span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_343">Interest Rate Swaps</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_343">67</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_346">Revenue Recognition</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_346">67</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_349">Consolidation of Variable Interest Entities</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_349">67</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_352">Use of Estimates</a></span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_352">67</a></span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_355">Glossary of Terms</a></span></div></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><a style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:none" href="#i3de122f22f784b6a9a44350d49aac173_355">68</a></span></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_163"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are a leading diversified capital manager with investment strategies across mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1997 that has elected to be taxed as a REIT. Our common stock is listed on the New York Stock Exchange under the symbol &#8220;NLY.&#8221;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use our capital coupled with borrowed funds to invest primarily in real estate related investments, earning the spread between the yield on our assets and the cost of our borrowings and hedging activities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a full discussion of our business, refer to the section titled &#8220;Business Overview&#8221; in our most recent Annual Report on Form 10-K.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_169"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Business Environment </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The first quarter of 2025 (&#8220;Q1 2025&#8221;) saw the Trump Administration entering its second term, ready to make meaningful changes across several different policy areas including trade, immigration, fiscal policy, and regulation. While many initiatives, most notably easing of financial regulation, should be supportive of U.S. businesses and financial markets in the medium-term, rapid and concurrent reform announcements introduced uncertainty and financial market volatility in the short-term. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The market volatility was primarily driven by the rollout of several tariff measures in March and April. These announcements have led to decreased business and consumer confidence, risking lower activity data in quarters to come if businesses or consumers alter their behavior. Of note, Q1 2025 activity data remained relatively strong, with consumption and business activity expanding at roughly the same rate as in prior quarters. However, aggregate U.S. gross domestic product (&#8220;GDP&#8221;) declined modestly in the quarter as higher import volumes reduced economic activity in the GDP growth calculation. Additionally, inflation slowed marginally in the quarter, with personal consumption expenditures excluding food and energy (&#8220;core PCE&#8221;) running at 3.5% seasonally adjusted annualized rate (&#8220;SAAR&#8221;), slightly below the 3.7% SAAR recording in Q1 2024. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Federal Reserve (&#8220;the Fed&#8221;) kept interest rates unchanged during the quarter, as officials weighed the conflicting signals from tariffs and other policy changes on economic growth and inflation. Fed officials are waiting for further evidence about an economic slowdown or higher inflation before making further adjustments to the Federal Funds Target Rate (&#8220;Fed Funds Target Rate&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our portfolio performed relatively well in Q1 2025, delivering a 3% economic return during the quarter. This was reflected in an increase to our common stock dividend to $0.70 per share, underscoring healthy earnings momentum, all while modestly increasing economic leverage to 5.7x at quarter end &#8211; still a leverage level at the low end of our historical range. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With respect to our portfolio activity, we grew our Agency MBS investments by $4.4 billion market value, with most of the increase coming from additional investments to deploy the approximately $495 million equity we raised during the quarter through the at-the-market stock sale program. Unlike much of 2024, when we concentrated MBS purchases on higher coupon specified pools, a majority of Q1 purchases were in to-be-announced (&#8220;TBA&#8221;) securities in intermediate coupons. These securities offered the highest relative value following the selloff in interest rates in Q4 2024 and January 2025, with dollar roll financing on TBA contracts improving significantly. As a result, our TBA balances grew to $6.6 billion market value at the end of Q1 2025, the largest holdings in two years.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similar to prior quarters, we continued to prudently manage our hedge position, maintaining a conservative stance with regard to our interest rate exposure. Of note, increased optimism about changes to the bank regulatory landscape drove a widening in swap spreads &#8211; the difference between Treasury and same tenor interest rate swap yields &#8211; for much of the quarter. We used this opportunity to better balance our hedge allocation between Treasuries and swaps, in turn lowering our aggregate swap notional and increasing the exposure to Treasury future hedges. In addition, we entered into a $1 billion notional 10-year payer swaption in anticipation of higher interest rate volatility. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Residential Credit portfolio ended the quarter at $6.6 billion in market value, declining modestly as we opportunistically sold third-party securities early in the quarter given tight valuations and increased the pace of our securitizations. Annaly&#8217;s Onslow Bay (&#8220;OBX&#8221;) shelf closed six securitization transactions totaling $3.1 billion during the quarter, including our inaugural securitization of home equity line of credit loans (&#8220;HELOCs&#8221;) and a private placement to a major U.S. insurance company. In addition, we have priced two additional securitizations in April. Correspondent channel lock volumes remained strong, with aggregate quarterly fundings reaching $3.8 billion, just shy of the record pace of fundings seen in the fourth quarter of 2024. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our mortgage servicing rights (&#8220;MSR&#8221;) strategy saw its portfolio relatively unchanged during the quarter as we purchased $48 million market value in assets, or $3 billion in unpaid principal balances (&#8220;UPB&#8221;) through our bulk and flow acquisition </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">37</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">channels. We remained selective in our purchases, maintaining our preference for low note rate MSR, though supply stayed elevated as the mortgage originator community remains under pressure to monetize servicing given historically compressed gain on sale margins. After settling $28 billion in UPB of previously announced bulk MSR purchases, the weighted average note rate of our portfolio rose marginally to 3.23%, while our exposure to current coupon MSR remained relatively small.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the mortgage origination and servicing industry consolidates &#8211; best seen in the merger announcement of Rocket Companies and Mr. Cooper Group Inc. at the end of the quarter &#8211; we have strategically aligned ourselves with industry leading sub-servicing and recapture partners that we believe provide our platform with clear competitive advantages. We believe that greater efficiency and technological investment in the mortgage industry has provided the potential for enhanced portfolio yield through increased recapture capabilities and an enhanced borrower experience.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Economic return and economic leverage are non-GAAP financial measures. Refer to &#8220;Non-GAAP Financial Measures&#8221; for additional information, including a reconciliation to its most directly comparable GAAP results.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_172"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Economic Environment</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U.S. GDP growth in the first quarter of 2025 slowed with gross domestic product declining 0.3% SAAR, largely driven by a 4.8% drag of net trade to quarterly economic activity. Despite the decline in the headline GDP number, consumption and investment activity remained relatively healthy in the quarter, with final sales to private domestic purchasers coming in at 3.0% SAAR, a gain in line with the quarterly average in 2024. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The labor market remained resilient in the first quarter. Labor supply and demand stayed balanced, as evidenced by the first quarter&#8217;s stronger-than-expected employment data. According to the Bureau of Labor Statistics, seasonally adjusted total non-farm payroll employment rose at a monthly average pace of 133,000 workers added in the first quarter &#8211; a modest decline from the average of 167,667 workers added per month in all of 2024. The unemployment rate ended the quarter at 4.2%, only modestly higher than the 4.1% rate at the end of 2024. The increase was driven by more people entering the labor force, with not all of them being able to find work. At the same time, wage growth, as measured by the year-over-year change in Average Hourly Earnings, fell from 4.0% in the fourth quarter to 3.8% in the first quarter. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inflation readings, as measured by the year-over-year changes in the Personal Consumption Expenditure Price Index (&#8220;PCE&#8221;), remain above the Fed&#8217;s 2% inflation target and progress on disinflationary measures has been slow. Total PCE prices over the 12 months ending in March rose 2.3% compared to the 2.6% recorded by the same metric at the end of December, while core PCE inflation, which excludes volatile food and energy prices, fell from 2.9% in December 2024 to 2.6% in March. Progress on inflation in the first quarter remained uneven, much like it had been over the past year. Moreover, the forecast has become increasingly uncertain due to the most significant increase in the effective tariff rate in decades.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fed conducts monetary policy with a dual mandate: full employment and price stability. Given the slow progress on inflation, the Federal Reserve Open Market Committee (&#8220;FOMC&#8221;) kept the target range for the Federal Funds rate unchanged at 4.25% - 4.50% at their March meeting, marking their second pause since cutting rates by 100 basis points at the end of last year. The Federal Reserve Chair Jerome Powell has emphasized that it is too soon to determine the appropriate monetary policy response to the tariffs, while acknowledging their inflationary impact. In addition, the FOMC has maintained its focus on the still positive growth outlook and reiterated their guidance that they are not in a hurry to act. Forecasts from the FOMC meeting in March show a median of two 25 basis point interest rate cuts for 2025. However, the recent deterioration of economic growth forecasts has raised the odds of additional rate cuts. Meanwhile, regarding the FOMC&#8217;s balance sheet policy, the Fed announced that it will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion, while maintaining the monthly redemption cap on Agency mortgage-backed securities at $35 billion. Considering these developments, we now expect the Fed to continue to attempt to reduce its balance sheet over a longer period than initially anticipated.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given the FOMC maintaining its on-hold status and the market awaiting further information on the fiscal front, Treasury yields were relatively rangebound in the first quarter. Interest rate volatility moved lower across the curve, and swap spreads &#8211; the difference between swap rates and Treasury rates of the same maturities &#8211; widened. The 10-year U.S. Treasury yield fell from 4.57% on December 31, 2024 to 4.21% on March 31, 2025. Despite lower rates and reduced volatility, the mortgage basis, or the spread between the 30-year Agency MBS coupon and 10-year U.S. Treasury rate, widened slightly from 126 basis points at the end of 2024 to 130 basis points at the end of the first quarter.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents interest rates and spreads at each date presented:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">38</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.754%"><tr><td style="width:1.0%"/><td style="width:32.423%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.423%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.752%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.423%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.752%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.427%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30-Year mortgage current coupon</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.51%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.83%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.60%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortgage basis</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130 bps</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126 bps</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140 bps</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10-Year U.S. Treasury rate</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.21%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.57%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.20%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OIS SOFR Swaps</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1-Month</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.32%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.32%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.32%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6-Month</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.18%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.25%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.24%</span></td></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_175"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Results of Operations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of our operations are affected by various factors, many of which are beyond our control. Certain of such risks and uncertainties are described herein (see &#8220;Special Note Regarding Forward-Looking Statements&#8221; above) and in Part I, Item 1A. &#8220;Risk Factors&#8221; of our most recent Annual Report on Form 10-K and in Part II, Item 1A. &#8220;Risk Factors&#8221; in this Quarterly Report on Form 10-Q.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Management Discussion and Analysis section contains analysis and discussion of financial results computed in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) and non-GAAP measurements.&#160;To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide non-GAAP financial measures to enhance investor understanding of our period-over-period operating performance and business trends, as well as for assessing our performance versus that of industry peers.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">39</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_178"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Net Income (Loss) Summary</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents financial information related to our results of operations as of and for the three months ended March 31, 2025 and 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.023%"><tr><td style="width:1.0%"/><td style="width:62.169%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.784%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.761%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.786%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of and for the Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,317,108</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related income</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">140,435</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115,084&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,113</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,216&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">126,322</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,868&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(159,657)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406,384&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Total general and administrative expenses</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,064</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,570&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income (loss) before income taxes</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">138,572</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">464,231&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income taxes</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465,174&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">124,224</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">462,892&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Dividends on preferred stock</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,067</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425,831&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) per share available (related) to common stockholders</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Basic</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Diluted</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average number of common shares outstanding</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Basic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">587,149,704</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500,612,840&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Diluted</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">588,420,998</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">501,182,043&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other information</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investment portfolio at period-end</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,959,102</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,484,541&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average total assets</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,335,865</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92,355,391&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average equity</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,890,730</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,420,602&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GAAP leverage at period-end </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.8:1</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.7:1</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GAAP capital ratio at period-end </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12.4</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.6&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Annualized return (loss) on average total assets</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.50</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.01&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Annualized return (loss) on average equity </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.04</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16.29&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest margin</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (4)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.87</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.03&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average yield on interest earning assets</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (5)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.88&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average GAAP cost of interest bearing liabilities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div><div style="padding-left:6.75pt"><span><br/></span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.77</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.40&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest spread</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.41</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.52&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average experienced CPR for the period</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.0&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average projected long-term CPR at period-end</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.9&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Common stock book value per share</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19.02</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19.73&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-GAAP metrics *</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income (excluding PAA)</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,329,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,475&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic interest expense </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892,748</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">770,790&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic net interest income (excluding PAA)</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">436,656</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320,685&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Premium amortization adjustment cost (benefit)</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,013)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings available for distribution </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">461,857</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">357,962&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings available for distribution per average common share</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.72</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.64&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Annualized EAD return on average equity (excluding PAA)</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14.43</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.63&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic leverage at period-end </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.7:1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.6:1</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic capital ratio at period-end </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14.6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14.6&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest margin (excluding PAA) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.69</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.43&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average yield on interest earning assets (excluding PAA) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.23</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.87&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average economic cost of interest bearing liabilities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.88</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.78&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest spread (excluding PAA)</span></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.35</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.09&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">40</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.807%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*   Represents a non-GAAP financial measure. Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced (&#8220;TBA&#8221;) and CMBX derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to us and are excluded from economic leverage.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> GAAP capital ratio is computed as total equity divided by total assets. Economic capital ratio is computed as total equity divided by total economic assets. Total economic assets include the implied market value of TBA derivatives and net of debt issued by securitization vehicles.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Annualized GAAP return (loss) on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return (loss) on average equity is 1.01%, and 4.07% for the three months ended March 31, 2025 and 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Net interest margin represents our interest income less interest expense divided by the average interest earning assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of our interest income (excluding PAA) plus TBA dollar roll income and CMBX coupo</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">n income less economic interest expense divide</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">d by the sum of average interest earning assets plus average outstanding TBA contract and CMBX balances.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Excludes dividends on preferred stock.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">GAAP</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net income (loss) was $130.3 million, which includes $6.1 million attributable to noncontrolling interests, or $0.15 per average basic common share, for the three months ended March 31, 2025, compared to $465.2 million, which includes $2.3 million attributable to noncontrolling interests, or $0.85 per average basic common share, for the same period in 2024. We attribute the majority of the change in net income (loss) to an unfavorable change in net gains (losses) on derivatives, partially offset by favorable changes in net gains (losses) on investments and other, net interest income, and net servicing income. Net gains (losses) on derivatives was ($977.9) million for the three months ended March 31, 2025 compared to $1.4 billion for the same period in 2024. Net gains (losses) on investments and other was $810.8 million for the three months ended March 31, 2025 compared to ($994.1) million for the same period in 2024. Net interest income for the three months ended March 31, 2025 was $220.0 million compared to ($6.5) million for the same period in 2024. Net servicing income for the three months ended March 31, 2025 was $126.3 million compared to $102.9 million for the same period in 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Non-GAAP</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Earnings available for distribution were $461.9 million, or $0.72 per average common share, for the three months ended March 31, 2025 compared to $358.0 million, or $0.64 per average common share, for the same period in 2024. The change in earnings available for distribution during the three months ended March 31, 2025, compared to the same period in 2024, was primarily due to higher coupon income, resulting from higher residential mortgage loan balances and purchasing securities higher up in the coupon stack, lower interest expense on repurchase agreements resulting from lower average rates and higher net servicing income. This change was partially offset by an unfavorable change in the net interest component of interest rate swaps, higher interest expense resulting from higher securitized debt balances from new securitizations and lower other, net.</span></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_187"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-GAAP Financial Measures</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide the following non-GAAP financial measures:</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">earnings available for distribution (&#8220;EAD&#8221;);</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">earnings available for distribution attributable to common stockholders;</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">earnings available for distribution per average common share;</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">annualized EAD return on average equity;</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">economic leverage;</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">economic capital ratio;</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">interest income (excluding PAA);</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">economic interest expense;</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">economic net interest income (excluding PAA);</span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">41</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">average yield on interest earning assets (excluding PAA);</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">average economic cost of interest bearing liabilities;</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">net interest margin (excluding PAA); and</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">net interest spread (excluding PAA).</span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These measures should not be considered a substitute for, or superior to, financial measures computed in accordance with GAAP. While intended to offer a fuller understanding of our results and operations, non-GAAP financial measures also have limitations. For example, we may calculate our non-GAAP metrics, such as earnings available for distribution, or the PAA, differently than our peers making comparative analysis difficult. Additionally, in the case of non-GAAP measures that exclude the PAA, the amount of amortization expense excluding the PAA is not necessarily representative of the amount of future periodic amortization nor is it indicative of the term over which we will amortize the remaining unamortized premium. Changes to actual and estimated prepayments will impact the timing and amount of premium amortization and, as such, both GAAP and non-GAAP results.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These non-GAAP measures provide additional detail to enhance investor understanding of our period-over-period operating performance and business trends, as well as for assessing our performance versus that of industry peers. Additional information pertaining to our use of these non-GAAP financial measures, including discussion of how each such measure may be useful to investors, and reconciliations to their most directly comparable GAAP results are provided below.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_190"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Earnings Available for Distribution, Earnings Available for Distribution Attributable to Common Stockholders, Earnings Available for Distribution Per Average Common Share and Annualized EAD Return on Average Equity</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We generate net income by earning a net interest spread on our investment portfolio, which is a function of interest income from our investment portfolio less financing, hedging and operating costs.&#160;Earnings available for distribution, which is defined as the sum of (a) economic net interest income, (b) TBA dollar roll income and CMBX coupon income, (c) net servicing income less realized amortization of MSR, (d) other income (loss) (excluding amortization of intangibles, non-EAD income allocated to equity method investments and other non-EAD components of other income (loss)), (e) general and administrative expenses (excluding transaction expenses and non-recurring items), and (f) income taxes (excluding the income tax effect of non-EAD income (loss) items), and excludes (g) the PAA representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to our Agency mortgage-backed securities, is used by management and, we believe, used by analysts and investors to measure our progress in achieving our principal business objective.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We seek to fulfill our principal business objective through a variety of factors including portfolio construction, the degree of market risk exposure and related hedge profile, and the use and forms of leverage, all while operating within the parameters of our capital allocation policy and risk governance framework. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe these non-GAAP measures provide management and investors with additional details regarding our underlying operating results and investment portfolio trends by (i) making adjustments to account for the disparate reporting of changes in fair value where certain instruments are reflected in GAAP net income (loss) while others are reflected in other comprehensive income (loss), and (ii) by excluding certain unrealized, non-cash or episodic components of GAAP net income (loss) in order to provide additional transparency into the operating performance of our portfolio. In addition, EAD serves as a useful indicator for investors in evaluating our performance and ability to pay dividends. Annualized EAD return on average equity, which is calculated by dividing earnings available for distribution over average stockholders&#8217; equity, provides investors with additional detail on the earnings available for distribution generated by our invested equity capital. </span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">42</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of GAAP financial results to non-GAAP earnings available for distribution for the periods presented:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.163%"><tr><td style="width:1.0%"/><td style="width:72.387%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.711%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.689%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.713%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GAAP net income (loss)</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465,174&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Adjustments to exclude reported realized and unrealized (gains) losses</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (gains) losses on investments and other </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(810,970)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">994,120&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (gains) losses on derivatives </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,169,412</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,046,995)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other adjustments</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization of intangibles</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">673</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">673&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-EAD (income) loss allocated to equity method investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (3)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">147</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">216&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction expenses and non-recurring items</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,782</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,737&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax effect of non-EAD income (loss) items</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,355</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,918)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA dollar roll income and CMBX coupon income </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,275</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,375&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MSR amortization </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(62,433)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(50,621)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EAD attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,985)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,786)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Premium amortization adjustment cost (benefit)</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,013)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Earnings available for distribution </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">461,857</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">357,962&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Earnings available for distribution attributable to common stockholders </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">424,700</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320,901&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP net income (loss) per average common share</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Earnings available for distribution per average common share </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.72</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.64&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Annualized GAAP return (loss) on average equity </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.04</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16.29&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Annualized EAD return on average equity </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14.43</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.63&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*  Represents a non-GAAP financial measure. Refer to the disclosure within this section above for additional information on non-GAAP financial measures.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes write-downs or recoveries which are reported in Other, net in the Company's Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The adjustment to add back Net (gains) losses on derivatives does not include the net interest component of interest rate swaps which is reflected in earnings available for distribution. The net interest component of interest rate swaps totaled $191.5 million and $330.1 million for the three months ended March 31, 2025 and 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents unrealized (gains) losses allocated to equity interests in a portfolio of MSR, which is a component of Other, net in the Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents costs incurred in connection with securitizations of residential whole loans. </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> TBA dollar roll income and CMBX coupon income each represent a component of Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). There was no CMBX coupon income for the three months ended March 31, 2025 and 2024.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> MSR amortization utilizes purchase date cash flow assumptions and actual unpaid principal balances and is calculated as the difference between projected MSR yield income and net servicing income for the period.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(7) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Annualized GAAP return (loss) on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return (loss) on average equity is 1.01%, and 4.07% for the three months ended March 31, 2025 and 2024, respectively.</span></div></td></tr></table></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, we enter into TBA forward contracts as an alternate means of investing in and financing Agency MBS. A TBA contract is an agreement to purchase or sell, for future delivery, an Agency MBS with a specified issuer, term and coupon. A TBA dollar roll represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the &#8220;drop&#8221;. The drop is a reflection of the expected net interest income from an investment in similar Agency MBS, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, TBA dollar roll income generally represents the economic equivalent of the net interest income earned on the underlying Agency MBS less an implied financing cost.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency MBS. We record TBA derivatives at fair value in our Consolidated Statements of Financial Condition and recognize periodic changes in fair value in Net gains (losses) on </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">derivatives in our Consolidated Statements of Comprehensive Income (Loss), which includes both unrealized and realized gains and losses on derivatives.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TBA dollar roll income is calculated as the difference in price between two TBA contracts with the same terms but different settlement dates multiplied by the notional amount of the TBA contract. Although accounted for as derivatives, TBA dollar rolls capture the economic equivalent of net interest income, or carry, on the underlying Agency MBS (interest income less an implied cost of financing). TBA dollar roll income is reported as a component of Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The CMBX index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities of a particular rating and vintage. The CMBX index allows investors to take a long position (referred to as selling protection) or short position (referred to as purchasing protection) on the respective basket of commercial mortgage-backed securities and is structured as a &#8220;pay-as-you-go&#8221; contract whereby the protection seller receives and the protection buyer pays a standardized running coupon on the contracted notional amount. Additionally, the protection seller is obligated to pay to the protection buyer the amount of principal losses and/or coupon shortfalls on the underlying commercial mortgage-backed securities as they occur.&#160;We report income (expense) on CMBX positions in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). The coupon payments received or paid on CMBX positions is equivalent to interest income (expense) and therefore included in earnings available for distribution.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_199"></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Premium Amortization Expense</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with GAAP, we amortize or accrete premiums or discounts into interest income for our Agency MBS, excluding interest-only securities, multifamily and reverse mortgages, taking into account estimates of future principal prepayments in the calculation of the effective yield. We recalculate the effective yield as differences between anticipated and actual prepayments occur. Using third party models and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#8217;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our GAAP metrics include the unadjusted impact of amortization and accretion associated with this method. Certain of our non-GAAP metrics exclude the effect of the PAA, which quantifies the component of premium amortization representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term Constant Prepayment Rate (&#8220;CPR&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table illustrates the impact of the PAA on premium amortization expense for our Residential Securities portfolio  for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:62.573%"><tr><td style="width:1.0%"/><td style="width:65.488%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.021%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.968%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.023%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended March 31,</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Premium amortization expense</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">57,412</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,732&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less: PAA cost (benefit)</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,013)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Premium amortization expense (excluding PAA)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45,116</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,745&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:69.590%"><tr><td style="width:1.0%"/><td style="width:58.773%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.437%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.850%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.440%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_208"></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Economic Leverage and Economic Capital Ratios</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use capital coupled with borrowed funds to invest primarily in real estate related investments, earning the spread between the yield on our assets and the cost of our borrowings and hedging activities. Our capital structure is designed to offer an efficient complement of funding sources to generate positive risk-adjusted returns for our stockholders while maintaining appropriate liquidity to support our business and meet our financial obligations under periods of market stress. To maintain our desired capital profile, we utilize a mix of debt and equity funding. Debt funding may include the use of repurchase agreements, loans, securitizations, participations issued, lines of credit, asset backed lending facilities, corporate bond issuance, convertible bonds or other liabilities. Equity capital primarily consists of common and preferred stock.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our economic leverage ratio is computed as the sum of recourse debt, cost basis of TBA derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">44</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">secured financing, and U.S Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to us and are excluded from economic leverage.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of GAAP debt to economic debt for purposes of calculating our economic leverage ratio for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.461%"><tr><td style="width:1.0%"/><td style="width:49.951%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.844%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.520%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:23.185%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Economic leverage ratio reconciliation</span></div></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58,975,232&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Other secured financing</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600,000&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Debt issued by securitization vehicles</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,690,967&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Participations issued</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,161,323&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,077,404&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total GAAP debt</span></div></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88,629,051</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76,504,926&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Less Non-recourse debt:</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Debt issued by securitization vehicles</span></div></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(21,802,193)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,690,967)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Participations issued</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,748,273)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,161,323)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total recourse debt</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,078,585</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61,652,636&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Plus / (Less):</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Cost basis of TBA derivatives</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,136,788&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Payable for unsettled trades</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,304,774</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,556,798&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Receivable for unsettled trades</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,523)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(941,366)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Economic debt</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline"> *</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">73,993,591</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64,404,856&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total equity</span></div></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,084,508</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,496,113&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Economic leverage ratio</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline"> *</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.7:1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.6:1</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">* </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">  Represents a non-GAAP financial measure. Refer to the disclosure within this section above for additional information on non-GAAP financial measures.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of GAAP total assets to economic total assets for purposes of calculating our economic capital ratio for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.438%"><tr><td style="width:1.0%"/><td style="width:50.644%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.155%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.544%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:22.157%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Economic capital ratio reconciliation</span></div></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total GAAP assets</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,115,346</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91,483,546&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Less:</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Gross unrealized gains on TBA derivatives </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35,095)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,220)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Debt issued by securitization vehicles</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(21,802,193)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,690,967)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Plus:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Implied market value of TBA derivatives</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,133,305&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total economic assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89,913,441</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78,918,664&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Total equity</span></div></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,084,508</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,496,113&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Economic capital ratio </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(2) *</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14.6%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14.6%</span></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">*</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">   Represents a non-GAAP financial measure. Refer to the disclosure within this section above for additional information on non-GAAP financial measures.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Included in Derivative assets in the Consolidated Statements of Financial Condition.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Economic capital ratio is computed as total equity divided by total economic assets.</span></div></td></tr></table></div><div style="padding-left:72pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_211"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest income (excluding PAA) represents interest income excluding the effect of the premium amortization adjustment, and serves as the basis for deriving average yield on interest earning assets (excluding PAA), net interest spread (excluding PAA) and net interest margin (excluding PAA), which are discussed below. We believe this measure provides management and investors with additional detail to enhance their understanding of our operating results and trends by excluding the component of premium amortization expense representing the cumulative effect of quarter-over-quarter changes in estimated long-term prepayment speeds related to our Agency MBS (other than interest-only securities, multifamily and reverse mortgages), which can obscure underlying trends in the performance of the portfolio.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps (which includes net interest on variation margin related to interest rate swaps) and net interest on initial margin related to interest rate </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">45</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). We use interest rate swaps to manage our exposure to changing interest rates on repurchase agreements by economically hedging cash flows associated with these borrowings. Accordingly, adding the net interest component of interest rate swaps to interest expense, as computed in accordance with GAAP, reflects the total contractual interest expense and thus, provides investors with additional information about the cost of our financing strategy. We may use market agreed coupon (&#8220;MAC&#8221;) interest rate swaps in which we may receive or make a payment at the time of entering into such interest rate swap to compensate for the off-market nature of such interest rate swap. In accordance with GAAP, upfront payments associated with MAC interest rate swaps are not reflected in the net interest component of interest rate swaps, which is presented in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, economic net interest income (excluding PAA), as computed below, provides investors with additional information to enhance their understanding of the net economics of our primary business operations.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present a reconciliation of GAAP interest income and GAAP interest expense to non-GAAP interest income (excluding PAA), economic interest expense and economic net interest income (excluding PAA), respectively, for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Interest Income (excluding PAA)</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.128%"><tr><td style="width:1.0%"/><td style="width:35.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.286%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.872%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.286%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.872%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.289%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP Interest Income</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PAA Cost<br/>(Benefit)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Income (excluding PAA) </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,317,108</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,329,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,013)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,475&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*   Represents a non-GAAP financial measure. Refer to disclosures within this section above for additional information on non-GAAP financial measures.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Economic Interest Expense and Economic Net Interest Income (excluding PAA)</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:16.323%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.124%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.538%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.441%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.831%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.713%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP<br/>Interest<br/>Expense</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Add: Net Interest Component of Interest Rate Swaps and Net Interest on Initial Margin</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic Interest</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Expense * </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP Net<br/>Interest<br/>Income</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net Interest Component<br/>of Interest Rate Swaps and Net Interest on Initial Margin</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic<br/>Net Interest<br/>Income *</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Add: PAA<br/>Cost<br/>(Benefit)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic Net Interest Income (excluding PAA) *</span></td></tr><tr><td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="42" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(204,389)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892,748</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(204,389)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">424,360</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">436,656</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(330,149)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">770,790&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(330,149)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">323,698&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,013)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320,685&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="48" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">*  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Represents a non-GAAP financial measure. Refer to disclosures within this section above for additional information on non-GAAP financial measures.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_220"></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Experienced and Projected Long-Term CPR</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepayment speeds, as reflected by the CPR and interest rates vary according to the type of investment, conditions in financial markets, competition and other factors, none of which can be predicted with any certainty. In general, as prepayment speeds and expectations of prepayment speeds on our Agency MBS portfolio increase, related purchase premium amortization increases, thereby reducing the yield on such assets. The following table presents the weighted average experienced CPR and weighted average projected long-term CPR on our Agency MBS portfolio as of and for the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.473%"><tr><td style="width:1.0%"/><td style="width:34.274%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.646%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.933%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.647%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Experienced CPR </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Projected Long-term CPR </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.0&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.9&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025 and 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At March 31, 2025 and 2024, respectively.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">46</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_226"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA) and Average Economic Cost of Interest Bearing Liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net interest spread (excluding PAA), which is the difference between the average yield on interest earning assets (excluding PAA) and the average economic cost of interest bearing liabilities, which represents annualized economic interest expense divided by average interest bearing liabilities, and net interest margin (excluding PAA), which is calculated as the sum of interest income (excluding PAA) plus TBA dollar roll income and CMBX coupon income less economic interest expense divided by the sum of average interest earning assets plus average TBA contract  and CMBX balances, provide management with additional measures of our profitability that management relies upon in monitoring the performance of the business.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Disclosure of these measures, which are presented below, provides investors with additional detail regarding how management evaluates our performance.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Net Interest Spread (excluding PAA)</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:18.752%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.635%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.282%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.135%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.341%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.458%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.635%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.576%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.535%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.141%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Interest Earning     </span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;Assets </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Income (excluding PAA) </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Yield on Interest Earning Assets (excluding PAA) </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Interest Bearing Liabilities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic Interest Expense </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">* (2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Economic Cost of Interest Bearing Liabilities * </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic Net Interest Income (excluding PAA) </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Interest Spread (excluding PAA)</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> *</span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="45" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,631,610</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,329,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.23</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">92,001,700</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892,748</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.88</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">436,656</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.35</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89,738,726&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,475&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.87&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,682,111&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">770,790&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.78&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320,685&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.09&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="48" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*  Represents a non-GAAP financial measure. Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Based on amortized cost.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material.  Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div></td></tr></table></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Net Interest Margin (excluding PAA)</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.789%"><tr><td style="width:1.0%"/><td style="width:16.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.917%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.561%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.756%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.400%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.366%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.561%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.205%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.605%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.764%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Interest Income (excluding PAA) </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5pt;font-weight:700;line-height:100%;position:relative;top:-2.69pt;vertical-align:baseline">*</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">TBA Dollar Roll and CMBX Coupon Income </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5pt;font-weight:700;line-height:100%;position:relative;top:-2.69pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Economic Interest Expense * </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5pt;font-weight:700;line-height:100%;position:relative;top:-2.69pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Average Interest Earnings Assets</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Average TBA Contract and CMBX Balances</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.7pt;font-weight:700;line-height:100%">Net Interest Margin (excluding PAA) *</span></td></tr><tr><td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,329,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,275</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(892,748)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">447,931</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,631,610</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,625,212</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">106,256,822</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.69</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,475&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,375&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(770,790)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">322,060&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89,738,726&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,590&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89,888,316&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.43&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="48" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">*</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">   Represents a non-GAAP financial measure. Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> TBA dollar roll income and CMBX coupon income each represent a component of Net gains (losses) on derivatives.</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">47</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_235"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Typically, our largest expense is the cost of interest bearing liabilities and the net interest component of interest rate swaps. The following table shows our average interest bearing liabilities and average economic cost of interest bearing liabilities as compared to average one-month and average six-month SOFR for the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Average Economic Cost of Interest Bearing Liabilities</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:14.419%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.831%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.824%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.781%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.488%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.245%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.684%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.277%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average<br/>Interest Bearing<br/>Liabilities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Bearing Liabilities at<br/>Period End</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Expense * </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Economic </span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost of</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bearing</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">*</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average<br/>One-<br/>Month<br/>Term SOFR </span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average<br/>Six-<br/>Month<br/>Term SOFR</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average<br/>One-Month Term SOFR <br/>Relative to<br/>Average Six-<br/>Month Term SOFR </span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Economic Cost<br/>of Interest<br/>Bearing<br/>Liabilities<br/>Relative to<br/>Average One-<br/>Month Term SOFR</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Economic Cost<br/>of Interest<br/>Bearing<br/>Liabilities<br/>Relative to<br/>Average Six-Month Term SOFR</span></td></tr><tr><td colspan="54" style="background-color:#083b92;border-left:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">92,001,700</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,729,051</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892,748</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.88</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.32</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.24</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.08</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.44</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.36</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,682,111&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75,904,926&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">770,790&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.78&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.33&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.21&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.12&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1.55&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1.43&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="54" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*  Represents a non-GAAP financial measure. Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Economic interest expense increased by $122.0 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to the reduction in the net interest component of interest rate swaps, which was $191.5 million for the three months ended March 31, 2025, compared to $330.1 million for the same period in 2024. Additionally, this increase resulted from higher securitized debt balances from new securitizations, offset by lower interest expense on repurchase agreements from lower average rates.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We do not manage our portfolio to have a pre-designated amount of borrowings at quarter or year end. Our borrowings at period end are a snapshot of our borrowings as of a date, and this number may differ from average borrowings over the period for a number of reasons. The mortgage-backed securities we own pay principal and interest towards the end of each month and the mortgage-backed securities we purchase are typically settled during the beginning of the month. As a result, depending on the amount of mortgage-backed securities we have committed to purchase, we may retain the principal and interest we receive in the prior month, or we may use it to pay down our borrowings. Moreover, we generally use interest rate swaps, swaptions and other derivative instruments to hedge our portfolio, and as we pledge or receive collateral under these agreements, our borrowings on any given day may be increased or decreased. Our average borrowings during a quarter may differ from period end borrowings as we implement our portfolio management strategies and risk management strategies over changing market conditions by increasing or decreasing leverage. Additionally, these numbers may differ during periods when we conduct equity capital raises, as in certain instances we may purchase additional assets and increase leverage in anticipation of an equity capital raise. Since our average borrowings and period end borrowings can be expected to differ, we believe our average borrowings during a period provide a more accurate representation of our exposure to the risks associated with leverage than our period end borrowings.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2025 and December 31, 2024, the majority of our debt represented repurchase agreements and other secured financing arrangements collateralized by a pledge of our Residential Securities, residential mortgage loans, and MSR. All of our Residential Securities are currently accepted as collateral for these borrowings. However, we limit our borrowings, and thus our potential asset growth, in order to maintain unused borrowing capacity and maintain the liquidity and strength of our balance sheet.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_241"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other Income (Loss)</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">For the Three Months Ended March 31, 2025 and 2024</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net Gains (Losses) on Investments and Other</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net gains (losses) on disposal of investments was ($49.4) million for the three months ended March 31, 2025, compared to ($545.9) million for the same period in 2024. For the three months ended March 31, 2025, we disposed of Residential Securities with a carrying value of $5.2 billion for an aggregate net gain (loss) of ($54.6) million. For the same period in 2024, we disposed of Residential Securities, with a carrying value of $8.1 billion for an aggregate net gain (loss) of ($438.2) million.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Realized gains (losses) on U.S. Treasury securities sold, not yet purchased was $43.8&#160;million for the three months ended March 31, 2025, compared to ($77.9)&#160;million for the same period in 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net unrealized gains (losses) on instruments measured at fair value through earnings was $860.2 million for the three months ended March 31, 2025, compared to ($448.2) million for the same period in 2024, primarily due to favorable changes in unrealized gains (losses) on Agency MBS of $1.6&#160;billion, securitized residential whole loans of consolidated VIEs of $287.2&#160;million, and residential whole loans of $38.4&#160;million, partially offset by unfavorable changes in residential securitized debt of consolidated VIEs of ($256.9)&#160;million, U.S. Treasury securities sold, not yet purchased of ($245.9)&#160;million, Non-Agency MBS of ($48.5)&#160;million, MSR of ($40.2)&#160;million, and CRT securities of ($25.9)&#160;million.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net Gains (Losses) on Derivatives</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net gains (losses) on interest rate swaps for the three months ended March 31, 2025 was ($605.8) million compared to $1.2 billion for the same period in 2024, primarily attributable to unfavorable changes in unrealized gains (losses) on interest rate swaps, net interest component of interest rate swaps and realized gains (losses) on termination or maturity of interest rate swaps. Unrealized gains (losses) on interest rate swaps was ($753.6) million for the three months ended March 31, 2025, compared to $900.9 million for the same period in 2024. Net interest component on interest rate swaps was $191.5 million for the three months ended March 31, 2025, compared to $330.1 million for the same period in 2024. Realized gains (losses) on termination or maturity of interest rate swaps was ($43.8) million for the three months ended March 31, 2025, compared to ($21.2) million for the same period in 2024, which reflected our termination or maturity of fixed-rate payer and receiver interest rate swaps with notional amounts of $11.7&#160;billion and $3.2&#160;billion, compared to fixed-rate payer and receiver interest rate swaps with notional amounts of $2.3&#160;billion and $220.0&#160;million, respectively, for the same period in 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net gains (losses) on other derivatives was ($372.0) million for the three months ended March 31, 2025, compared to $167.3 million for the same period in 2024. The change in net gains (losses) on other derivatives was primarily due to unfavorable changes in net gains (losses) on futures, which was ($403.5) million for the three months ended March 31, 2025, compared to $137.0 million for the same period in 2024, and net gains (losses) on interest rate swaptions, which was ($8.6) million for the three months ended March 31, 2025, compared to $30.6 million for the same period in 2024, partially offset by a favorable change in net gains (losses) on TBA derivatives, which was $30.2 million for the three months ended March 31, 2025, compared to $6.3 million for the same period in 2024.</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other, Net </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other, net includes brokerage and commission fees, due diligence costs, securitization expenses, and interest on custodial balances. We also report in Other, net items whose amounts, either individually or in the aggregate, would not, in the opinion of management, be meaningful to readers of the financial statements. Given the nature of certain components of this line item, balances may fluctuate from period to period. Other, net for the three months ended March 31, 2025 was $7.4 million compared to $23.4 million for the same period in 2024, primarily attributable to a decrease in sponsored securitization fees and net interest on initial margin related to interest rate swaps, an increase in securitization related costs and MSR financing expenses, partially offset by an increase in interest on custodial balances and conduit transaction fees.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_244"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">General and Administrative Expenses</span></div><div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">General and administrative (&#8220;G&amp;A&#8221;) expenses consist of compensation and other expenses. The following table shows our total G&amp;A expenses as compared to average total assets and average equity for the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">G&amp;A Expenses and Operating Expense Ratios</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.292%"><tr><td style="width:1.0%"/><td style="width:29.385%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.317%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.770%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.977%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.770%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.981%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total G&amp;A<br/>Expenses </span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total G&amp;A Expenses/Average Assets</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total G&amp;A Expenses/Average Equity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,064</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.49</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,570&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.17&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.35&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:12pt"><td colspan="18" style="border-top:0.5pt solid #000;padding:0 1pt"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span><br/></span></div></td></tr></table></div><div style="padding-left:9pt;padding-right:54pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">    </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">G&amp;A expenses were $48.1 million for the three months ended March 31, 2025, an increase of $9.5 million compared to the same period in 2024. The change in the period was primarily due to an increase in compensation expense and higher expenses related to rent, technology, and professional fees.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_250"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Return on Average Equity</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows the components of our annualized return on average equity for the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Components of Annualized Return on Average Equity</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:18.870%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.556%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.262%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.500%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.822%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.794%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.826%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Economic Net Interest Income/ Average Equity </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Servicing Income/Average Equity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other Income (Loss)/Average Equity</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">G&amp;A Expenses/ Average Equity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income<br/>Taxes/ Average Equity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Return on<br/>Average Equity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12.77</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.92</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10.90</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1.49</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.26</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.04</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.34&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.60&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.67&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1.35&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.03&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16.29&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Economic net interest income includes the net interest component of interest rate swaps and, beginning with the quarter ended June 30, 2024, net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss). Prior period results have not been adjusted in accordance with this change as the impact is not material. Net interest on variation margin related to interest rate swaps was previously and is currently included in the Net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss) for all periods presented.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Other income (loss) excludes the net interest component of interest rate swaps.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_256"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Unrealized Gains and Losses - Available-for-Sale Investments</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unrealized fluctuations in market values of our available-for-sale Agency MBS, for which the fair value option is not elected, do not impact our GAAP net income (loss) but rather are reflected on our balance sheet by changing the carrying value of the asset and stockholders&#8217; equity under accumulated other comprehensive income (loss). As a result of this fair value accounting treatment, our book value and book value per share are likely to fluctuate far more than if we used amortized cost accounting. As a result, comparisons with companies that use amortized cost accounting for some or all of their balance sheet may not be meaningful.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows cumulative unrealized gains and losses on our available-for-sale investments reflected in the Consolidated Statements of Financial Condition.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.105%"><tr><td style="width:1.0%"/><td style="width:52.930%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.340%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.889%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.341%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized gain</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,827</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,221&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized loss</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(792,229)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,021,903)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated other comprehensive income (loss)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(787,402)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,017,682)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="12" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unrealized changes in the estimated fair value of available-for-sale investments may have a direct effect on our potential earnings and dividends: positive changes will increase our equity base and allow us to increase our borrowing capacity while negative changes tend to reduce borrowing capacity.&#160;A very large negative change in the net fair value of our available-for-sale Residential Securities might impair our liquidity position, requiring us to sell assets with the potential result of realized losses upon sale.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of these securities being less than amortized cost at March 31, 2025 is solely due to market conditions and not the </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">50</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">quality of the assets. Substantially all of the Agency MBS have an actual or implied credit rating that is the same as that of the U.S. government. The investments do not require an allowance for credit losses because we currently have the ability and intent to hold the investments to maturity or for a period of time sufficient for a forecasted market price recovery up to or beyond the cost of the investments, and it is not more likely than not that we will be required to sell the investments before recovery of the amortized cost bases, which may be maturity. Also, we are guaranteed payment of the principal and interest amounts of the securities by the respective issuing Agency.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_259"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financial Condition</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total assets were $105.1 billion and $103.6 billion at March 31, 2025 and December 31, 2024, respectively. The change was primarily due to increases in securitized residential whole loans of consolidated VIEs of $2.5&#160;billion, securities of $604.9&#160;million, mortgage servicing rights of $363.8 million, cash and cash equivalents of $345.5 million, and residential mortgage loans of $313.7&#160;million, partially offset by decreases in receivables for unsettled trades of $2.2&#160;billion and principal and interest receivable of $232.1&#160;million. Our portfolio composition, net equity allocation and debt-to-net equity ratio by asset class were as follows at March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.274%"><tr><td style="width:1.0%"/><td style="width:29.464%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.044%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.583%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.044%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.583%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.044%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.583%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:15.044%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:2.311%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Agency MBS</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Residential Credit </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">MSR</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Total </span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="24" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Fair value</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">30,356,480</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">101,959,102</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Implied market value of derivatives</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="27" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">57,180,117</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">4,479,343</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Implied cost basis of derivatives </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,497,649</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">47,984</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(26,508)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net forward purchases</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,217,970</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">84,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,302,251</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="27" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net other assets / liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,511,467</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">162,290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">360,323</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,034,080</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Net equity allocated</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,968,079</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,440,977</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,675,452</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13,084,508</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Net equity allocated (%)</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">61</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">21</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Debt/net equity ratio </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7.5:1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">11.5:1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">0.3:1</span></td><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">6.8:1</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="27" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Fair value includes residential loans held for sale, commercial assets and liabilities and assets and liabilities associated with non-controlling interests.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Derivatives include TBA contracts under Agency MBS.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents the debt/net equity ratio as determined using amounts in the Consolidated Statements of Financial Condition.</span></div></td></tr></table></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_262"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Securities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of our Agency MBS at March 31, 2025 and December 31, 2024 were backed by single-family residential mortgage loans and were secured with a first lien position on the underlying single-family properties. Our mortgage-backed securities were largely Fannie Mae, Freddie Mac or Ginnie Mae pass through certificates or CMOs, which have an actual or implied credit rating that is the same as that of the U.S. government. We carry all of our Agency MBS at fair value in the Consolidated Statements of Financial Condition.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We accrete discount balances as an increase to interest income over the expected life of the related interest earning assets and we amortize premium balances as a decrease to interest income over the expected life of the related interest earning assets. At March 31, 2025 and December 31, 2024 we had in our Consolidated Statements of Financial Condition a total of $1.3 billion and $1.3&#160;billion, respectively, of unamortized discount (which is the difference between the remaining principal value and current amortized cost of our Residential Securities acquired at a price below principal value) and a total of $2.5 billion and $2.5&#160;billion, respectively, of unamortized premium (which is the difference between the remaining principal value and the current amortized cost of our Residential Securities acquired at a price above principal value).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted average experienced prepayment speed on our Agency MBS portfolio for the three months ended March 31, 2025 and 2024 was 7.1% and 6.0%, respectively. The weighted average projected long-term prepayment speed on our Agency MBS portfolio as of March 31, 2025 and 2024 was 9.5% and 8.9%, respectively. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">51</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given our current portfolio composition, if mortgage principal prepayment rates were to increase over the life of our mortgage-backed securities, all other factors being equal, our net interest income would decrease during the life of these mortgage-backed securities as we would be required to amortize our net premium balance into income over a shorter time period. Similarly, if mortgage principal prepayment rates were to decrease over the life of our mortgage-backed securities, all other factors being equal, our net interest income would increase during the life of these mortgage-backed securities as we would amortize our net premium balance over a longer time period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents our Residential Securities that were carried at fair value at March 31, 2025 and December 31, 2024. </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.116%"><tr><td style="width:1.0%"/><td style="width:48.352%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.717%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.712%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.719%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,553,893</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,049,674&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">141,397</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162,238&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">73,808</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73,684&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">469,481</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">380,732&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,065,874</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,741,765&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,975&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164,892&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,697</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45,790&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216,702</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245,583&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">830,275</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">878,608&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;= 2010 vintage)</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">160,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">158,313&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,248,101&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Residential Securities</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,302,303</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,682,169&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes certain characteristics of our Residential Securities (excluding interest-only mortgage-backed securities) and interest-only mortgage-backed securities at March 31, 2025 and December 31, 2024.        </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.701%"><tr><td style="width:1.0%"/><td style="width:59.226%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.284%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.705%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.285%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)&#160;&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,239,170</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70,783,559&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net premium</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,057</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">110,212&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,267,227</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70,893,771&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost / principal amount</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.04</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100.16&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,213,327</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,717,038&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value / principal amount</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98.54</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97.08&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average coupon rate</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.03</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.02&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average yield</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.98</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.96&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Adjustable-rate Residential Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">714,932</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">951,400&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average coupon rate</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8.22</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.41&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average yield</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.44</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.59&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average term to next adjustment </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6 Months</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 Months</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average lifetime cap </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.40</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.33&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount at period end as % of total residential securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.02</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.34&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed-rate Residential Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,524,238</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,832,159&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average coupon rate</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.00</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.97&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average yield</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.95</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.93&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount at period end as % of total residential securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98.98</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98.66&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest-only Residential Securities</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional amount</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42,598,447</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,352,812&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net premium</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,173,717</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,361&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,173,717</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,091,361&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">52</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.701%"><tr><td style="width:1.0%"/><td style="width:59.226%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.284%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.705%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.285%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost / notional amount</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.76</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.85&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,088,976</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">965,131&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value / notional amount</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.56</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.52&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average coupon rate</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.45</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.46&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average yield</span></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.74</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.40&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="12" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">&#160;Excludes interest-only MBS.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes non-Agency MBS and CRT securities.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes non-Agency MBS and CRT securities as this attribute is not applicable to these asset classes.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of our Residential Credit portfolio at March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:30.269%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.294%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.589%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.472%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.527%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.503%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.240%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.890%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="12" style="background-color:#3e91f8;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payment Structure</span></td><td colspan="21" style="background-color:#afabab;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investment Characteristics</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Product</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Senior</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subordinate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Coupon</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Credit Enhancement</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">60+<br/>Delinquencies</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3M VPR </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td></tr><tr><td colspan="42" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.01</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.60</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.11</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.47</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.13</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.05</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.50</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14.10</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,697</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34,448</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,249</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.17</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" 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0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21.40</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 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style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74.23</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.00</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.33</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total/weighted average</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">743,833</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,228,750</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.28</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17.11</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18.85</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11.32</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr style="height:3pt"><td colspan="42" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Investment characteristics exclude the impact of interest-only securities. </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents the 3 month voluntary prepayment rate (&#8220;VPR&#8221;).</span></div></td></tr><tr><td colspan="3" style="display:none"/></tr></table></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:39.989%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.092%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.092%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.092%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.092%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.099%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="21" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bond Coupon</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Product</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ARM</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floater</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest-Only</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="30" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,293</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">196,261</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,407</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,834</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,803</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216,702</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Re-performing loan securitizations</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">547,185</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">547,185</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-performing loan securitizations</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">283,090</span><span 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">283,090</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49,346</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,265</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">91,685</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">160,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,293</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,292,123</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">559,127</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">120,040</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="30" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_265"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Contractual Obligations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the effect on our liquidity and cash flows from contractual obligations at March 31, 2025. The table does not include the effect of net interest rate payments on our interest rate swap agreements. The net swap payments will fluctuate based on monthly changes in the receive rate. At March 31, 2025, the interest rate swaps had a net fair value of ($10.4) million.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:41.275%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.897%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.897%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.897%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.899%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Within One<br/>Year</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">One to Three<br/>Years</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three to Five<br/>Years</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than<br/>Five Years</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="27" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,329,278</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">330,182</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on repurchase agreements </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400,048</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,220</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">419,268</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">375,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">525,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on other secured financing </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55,934</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,210</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">83,144</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles (principal)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,535,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,535,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on debt issued by securitization vehicles</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,222,197</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,444,394</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,444,394</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,865,519</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">43,976,504</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued (principal)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,697,443</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,697,443</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on participations issued</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">121,943</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">243,886</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">243,886</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,022,116</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,631,831</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term operating lease obligations</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,186</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,680</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,662</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51,083</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,611</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,506,586</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,593,572</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,695,942</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,171,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">134,968,002</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="30" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="30" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest expense on repurchase agreements and other secured financing calculated based on rates at March 31, 2025.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the coming periods, we expect to continue to finance our Residential Securities in a manner that is largely consistent with our current operations via repurchase agreements. We may use securitization structures, credit facilities, or other term financing structures to finance certain of our assets. During the three months ended March 31, 2025, we received $1.7&#160;billion from principal repayments and $7.3&#160;billion in cash from disposal of Securities. </span></div><div id="i3de122f22f784b6a9a44350d49aac173_268"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commitments and Contractual Obligations with Unconsolidated Entities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We do not have any commitments or contractual obligations arising from arrangements with unconsolidated entities that have or are reasonably likely to have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_271"></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital Management</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Maintaining a strong balance sheet that can support the business even in times of economic stress and market volatility is of critical importance to our business strategy. A strong and robust capital position is essential to executing our investment strategy. Our capital strategy is predicated on a strong capital position, which enables us to execute our investment strategy regardless of the market environment. Our capital policy defines the parameters and principles supporting a comprehensive capital management practice.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The major risks impacting capital are liquidity and funding risk, investment/market risk, credit risk, counterparty risk, operational risk and compliance, regulatory and legal risk. For further discussion of the risks we are subject to, please see Part I, Item 1A. &#8220;Risk Factors&#8221; in our most recent Annual Report on Form 10-K and in Part II, Item 1A. &#8220;Risk Factors&#8221; in this Quarterly Report on Form 10-Q.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capital requirements are based on maintaining levels above approved thresholds, ensuring the quality of our capital appropriately reflects our asset mix, market and funding structure. In the event we fall short of our internal thresholds, we will consider appropriate actions which may include asset sales, changes in asset mix, reductions in asset purchases or originations, issuance of capital or other capital enhancing or risk reduction strategies.</span></div><div style="margin-bottom:3pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_274"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stockholders&#8217; Equity</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of total stockholders&#8217; equity at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.502%"><tr><td style="width:1.0%"/><td style="width:63.778%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.028%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.665%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.029%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Stockholders&#8217; equity</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.95% Series F fixed-to-floating rate cumulative redeemable preferred stock</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">696,910</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">696,910&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.50% Series G fixed-to-floating rate cumulative redeemable preferred stock</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">411,335</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">411,335&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.75% Series I fixed-to-floating rate cumulative redeemable preferred stock</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">428,324</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">428,324&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Common stock</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,023</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,784&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additional paid-in capital</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,749,468</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,257,716&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accumulated other comprehensive income (loss)</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(787,402)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,017,682)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accumulated deficit</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13,509,942)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,173,146)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total stockholders&#8217; equity</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,994,716</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,609,241&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="12" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">54</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_277"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Capital Stock</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Stock</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2022, we announced that our Board authorized the repurchase of up to $1.5&#160;billion of our outstanding shares of common stock through December 31, 2024 (the &#8220;Prior Common Stock Repurchase Program&#8221;). In January 2025, we announced that our Board authorized the repurchase of up to $1.5&#160;billion of our outstanding shares of common stock through December 31, 2029 (the &#8220;Current Common Stock Repurchase Program&#8221;). The Current Common Stock Repurchase Program replaced the Prior Common Stock Repurchase Program. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025 and 2024, no shares were repurchased under the Current Common Stock Repurchase Program or the Prior Common Stock Repurchase Program, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchases made pursuant to the Current Common Stock Repurchase Program will be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by us in our discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate us to acquire any particular amount of common stock and the program may be suspended or discontinued at our discretion without prior notice.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 20, 2024, we entered into separate Distribution Agency Agreements (collectively, the &#8220;Prior Sales Agreements&#8221;) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs &amp; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &amp; Woods, Inc., Morgan Stanley &amp; Co., LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the &#8220;Prior Sales Agents&#8221;). Under the terms of the Prior Sales Agreements, we offered and sold shares of our common stock, having an aggregate offering price of up to $1.5&#160;billion, from time to time through any of the Prior Sales Agents (the &#8220;at-the-market sales program&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 8, 2025, we entered into separate Distribution Agency Agreements with certain sales agents, which agreements terminated and replaced the Prior Sales Agreements. For additional information, see &#8220;Part II&#8212;Item 5. Other Information&#8212;Current At-the-Market Sales Program.&#8221;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025, under the at-the-market sales program, we issued 23.3&#160;million shares for proceeds of $495.7&#160;million, net of commissions and fees. During the three months ended March 31, 2024, no shares were issued under the at-the-market sales program pursuant to the Prior Sales Agreement; however, we incurred costs to maintain the effectiveness of the at-the-market sales program that was in effect at that time.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Preferred Stock</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2024, the Board approved a repurchase plan for all of our existing outstanding Preferred Stock (as defined below) (the &#8220;Preferred Stock Repurchase Program&#8221;). Under the terms of the Preferred Stock Repurchase Program, we are authorized to repurchase up to an aggregate of 63,500,000 shares of Preferred Stock, comprised of up to (i) 28,800,000 shares of our 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series F Preferred Stock&#8221;), (ii) 17,000,000 shares of our 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series G Preferred Stock&#8221;), and (iii) 17,700,000 shares of our 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series I Preferred Stock&#8221;, and together with Series F Preferred Stock and Series G Preferred Stock, the &#8220;Preferred Stock&#8221;). The aggregate liquidation value of the Preferred Stock that may be repurchased by us pursuant to the Preferred Stock Repurchase Program, as of March 31, 2025, was approximately $1.6 billion.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Preferred Stock Repurchase Program became effective on January 1, 2025 and will expire on December 31, 2029, and replaced the Preferred Stock repurchase program, which was effective from November 2, 2022 and expired on December 31, 2024 (the &#8220;Prior Preferred Stock Repurchase Program&#8221;). No shares were repurchased with respect to the Preferred Stock Repurchase Program during the three months ended March 31, 2025 and the Prior Preferred Stock Repurchase Program during the three months ended March 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchases made pursuant to the Current Preferred Stock Repurchase Program will be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by us in our discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate us to acquire any particular amount of Preferred Stock and the program may be suspended or discontinued at our discretion without prior notice.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">55</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_280"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leverage and Capital</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe that it is prudent to maintain conservative GAAP leverage ratios and economic leverage ratios as there may be continued volatility in the mortgage and credit markets. Our capital policy governs our capital and leverage position including setting limits. Based on the guidelines, we generally expect to maintain an economic leverage ratio of less than 10:1.&#160;Our actual economic leverage ratio varies from time to time based upon various factors, including our management&#8217;s opinion of the level of risk of our assets and liabilities, our liquidity position, our level of unused borrowing capacity, the availability of credit, over-collateralization levels required by lenders when we pledge assets to secure borrowings and our assessment of domestic and international market conditions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our GAAP leverage ratio at March 31, 2025 and December 31, 2024 was 6.8:1 and 7.1:1, respectively. Our economic leverage ratio, which is computed as the sum of Recourse Debt, cost basis of TBA derivatives outstanding, and net forward purchases (sales) of investments divided by total equity was 5.7:1 and 5.5:1, at March 31, 2025 and December 31, 2024, respectively. Our GAAP capital ratio at March 31, 2025 and December 31, 2024 was 12.4% and 12.3%, respectively. Our economic capital ratio, which represents our ratio of stockholders&#8217; equity to total economic assets (inclusive of the implied market value of TBA derivatives and net of debt issued by securitization vehicles), was 14.6% and 14.6% at March 31, 2025 and December 31, 2024, respectively. Economic leverage ratio and economic capital ratio are non-GAAP financial measures. Refer to the &#8220;Non-GAAP Financial Measures&#8221; section for additional information, including reconciliations to their most directly comparable GAAP results.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div id="i3de122f22f784b6a9a44350d49aac173_283"></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to a variety of risks in the ordinary conduct of our business. The effective management of these risks is of critical importance to the overall success of Annaly. The objective of our risk management framework is to identify, measure and monitor these risks. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our risk management framework is intended to facilitate a holistic, enterprise-wide view of risk. We believe we have built a strong and collaborative risk management culture throughout Annaly focused on awareness which supports appropriate understanding and management of our key risks. Each employee is accountable for identifying, monitoring and managing risk within their area of responsibility.</span></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_286"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risk Appetite</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We maintain a firm-wide risk appetite statement which defines the types and levels of risk we are willing to take in order to achieve our business objectives, and reflects our risk management philosophy. We engage in risk activities based on our core expertise that aim to enhance value for our stockholders. Our activities focus on income generation and capital preservation through proactive portfolio management, supported by a conservative liquidity and leverage posture.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The risk appetite statement asserts the following key risk parameters to guide our investment management activities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.976%"><tr><td style="width:1.0%"/><td style="width:18.397%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:79.403%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Risk Parameter</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Portfolio Composition</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We will maintain a portfolio comprised of target assets approved by our Board and in accordance with our capital allocation policy.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Leverage</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We generally expect to maintain an economic leverage ratio no greater than 10:1 considerate of our overall capital allocation framework.</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Liquidity Risk</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We will seek to maintain an unencumbered asset portfolio sufficient to meet our liquidity needs under adverse market conditions.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Interest Rate Risk</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We will seek to manage interest rate risk to protect the portfolio from adverse rate movements utilizing derivative instruments targeting both income and capital preservation.</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Credit Risk</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We will seek to manage credit risk by making investments which conform to our specific investment policy parameters and optimize risk-adjusted returns.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Capital Preservation</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">We will seek to protect our capital base through disciplined risk management practices.</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Operational Risk</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">We will seek to limit impacts to our business through disciplined operational risk management practices addressing areas including but not limited to, management of key third party relationships (i.e. originators, sub-servicers), human capital management, cybersecurity and technology related matters, business continuity and financial reporting risk.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Compliance, Regulatory and Legal</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">We will seek to comply with regulatory requirements needed to maintain our REIT status and our exemption from registration under the Investment Company Act and the licenses and approvals of our regulated and licensed subsidiaries.</span></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">56</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_289"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Governance</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk management begins with our Board, through the review and oversight of the risk management framework, and executive management, through the ongoing formulation of risk management practices and related execution in managing risk. The Board exercises its oversight of risk management primarily through the Risk Committee and Audit Committee with support from the other Board Committees. The Risk Committee is responsible for oversight of our risk governance structure, risk management (operational and market risk) and risk assessment guidelines and policies and our risk appetite. The Audit Committee is responsible for oversight of the quality and integrity of our accounting, internal controls and financial reporting practices, including independent auditor selection, evaluation and review, and oversight of the internal audit function. The Risk Committee and the Audit Committee jointly oversee practices and policies related to cybersecurity and receive regular reports from management throughout the year on cybersecurity and related risks. The Management Development and Compensation Committee is responsible for oversight of risk related to our compensation policies and practices and other human capital matters such as succession and culture. The Nominating/Corporate Governance Committee assists the Board in its oversight of our corporate governance framework and the annual self-evaluation of the Board, and the Corporate Responsibility Committee assists the Board in its oversight of any matters that may present reputational or environmental, social, and governance risk to us. The full Board has overall responsibility for this oversight, and the Corporate Responsibility Committee meets jointly with other Committees from time to time in order to review areas of shared responsibility.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk assessment and risk management are the responsibility of our management. A series of management committees has oversight or decision-making responsibilities for risk management activities. Membership of these committees is reviewed regularly to ensure the appropriate personnel are engaged in the risk management process. Three primary management committees have been established to provide a comprehensive framework for risk management. The management committees responsible for our risk management include the Enterprise Risk Committee (&#8220;ERC&#8221;), Asset / Liability Committee (&#8220;ALCO&#8221;) and the Financial Reporting and Disclosure Committee (&#8220;FRDC&#8221;). Each of these committees reports to our management Operating Committee, which is responsible for oversight and management of our operations, including oversight and approval authority over all aspects of our enterprise risk management.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Audit Services is an independent function with reporting lines to the Audit Committee. Audit Services is responsible for performing our internal audit activities, which includes independently assessing and validating key controls within the risk management framework.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our compliance group is responsible for oversight of our regulatory compliance. Our Chief Compliance Officer has reporting lines to the Audit Committee.</span></div><div id="i3de122f22f784b6a9a44350d49aac173_292"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of Risks</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to a variety of risks due to the business we operate. Risk categories are an important component of a robust enterprise-wide risk management framework.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have identified the following primary categories that we utilize to identify, assess, measure and monitor risk.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.245%"><tr><td style="width:1.0%"/><td style="width:31.786%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:66.014%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Risk</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Liquidity and Funding Risk</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Risk to earnings, capital or business resulting from our inability to meet our obligations when they come due without incurring unacceptable losses because of inability to liquidate assets or obtain adequate funding.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Investment/Market Risk</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Risk to earnings, capital or business resulting in the decline in value of our assets or an increase in the costs of financing caused by changes in market variables, such as interest rates, which affect the values of investment securities and other investment instruments.</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Credit Risk</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Risk to earnings, capital or business resulting from an obligor&#8217;s failure to meet the terms of any contract or otherwise failure to perform as agreed. This risk is present in lending and investing activities.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Counterparty Risk</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Risk to earnings, capital or business resulting from a counterparty&#8217;s failure to meet the terms of any contract or otherwise failure to perform as agreed. This risk is present in funding, hedging and investing activities.</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Operational Risk</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Risk to earnings, capital, reputation or business arising from inadequate or failed internal processes or systems (including business continuity planning), human factors or external events. This risk also applies to our use of proprietary and third party models, software vendors and data providers, and oversight of third party service providers such as sub-servicers, due diligence firms etc.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Compliance, Regulatory and Legal Risk</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Risk to earnings, capital, reputation or conduct of business arising from violations of, or nonconformance with internal and external applicable rules and regulations, losses resulting from lawsuits or adverse judgments, or from changes in the regulatory environment that may impact our business model.</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">57</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_295"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity and Funding Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our liquidity and funding risk management strategy is designed to ensure the availability of sufficient resources to support our business and meet our financial obligations under both normal and adverse market and business environments. Our liquidity and funding risk management practices consist of the following primary elements:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"/><td style="width:28.552%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:69.248%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Element</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Funding</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Availability of diverse and stable sources of funds.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Excess Liquidity</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Excess liquidity primarily in the form of unencumbered assets and cash.</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Maturity Profile</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diversity and tenor of liabilities and modest use of leverage.</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Stress Testing</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Scenario modeling to measure the resiliency of our liquidity position.</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Liquidity Management Policies</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Comprehensive policies including monitoring, risk limits and an escalation protocol.</span></td></tr></table></div><div style="margin-top:5pt;text-align:center"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_298"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Funding</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our primary financing sources are repurchase agreements provided through counterparty arrangements and through our wholly-owned subsidiary, Arcola Securities, Inc. (&#8220;Arcola&#8221;), other secured financing, debt issued by securitization vehicles, mortgages, credit facilities, note sales and various forms of equity. We maintain excess liquidity by holding unencumbered liquid assets that could be either used to collateralize additional borrowings or sold.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We seek to conservatively manage our repurchase agreement funding position through a variety of methods including diversity, breadth and depth of counterparties and maintaining a staggered maturity profile.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Arcola provides direct access to third party funding as a FINRA member broker-dealer. Arcola borrows funds through the General Collateral Finance Repo service offered by the FICC, with FICC acting as the central counterparty. In addition, Arcola may borrow funds through direct repurchase agreements.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To reduce our liquidity risk we maintain a laddered approach to our repurchase agreements. At March 31, 2025 and December 31, 2024, the weighted average days to maturity was 50 days and 32 days, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our repurchase agreements generally provide that in the event of a margin call we must provide additional securities or cash on the same business day that a margin call is made. Should prepayment speeds on the mortgages underlying our Agency and Residential mortgage-backed securities and/or market interest rates or other factors move suddenly and cause declines in the market value of assets posted as collateral, resulting margin calls may cause an adverse change in our liquidity position. We have continued to diversify our financing profile adding new non-mark-to-market facilities and financing options under existing facilities for our Residential Credit operating segment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2025, we had total financial assets and cash pledged against existing liabilities of $66.8 billion. The weighted average haircut was approximately 3% on repurchase agreements. The quality and character of the Residential Securities that we pledge as collateral under the repurchase agreements and interest rate swaps did not materially change at March 31, 2025, compared to the same period in 2024, and our counterparties did not materially alter any requirements, including required haircuts, related to the col</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">lateral we pledge under repurchase agreements and interest rate swaps during the three months ended March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents our quarterly average and quarter-end repurchase agreement and reverse repurchase agreement balances outstanding for the periods presented:</span></div><div style="margin-bottom:12pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.380%"><tr><td style="width:1.0%"/><td style="width:30.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.221%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.656%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.797%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.656%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.708%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.656%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.800%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="12" style="background-color:#3e91f8;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td><td colspan="9" style="background-color:#afabab;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Daily<br/>Amount Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending Amount Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average Daily<br/>Amount Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending Amount Outstanding</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">66,724,268</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,721,386</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,092,016&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778,970&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 30, 2024</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,092,629&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64,310,276&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,041,120&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 30, 2024</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,043,218&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,787,994&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,322,479&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64,027,388&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58,975,232&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,323,485&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2023</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61,924,576&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,201,543&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,340,204&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 30, 2023</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,020,036&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64,693,821&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">257,097&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 30, 2023</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64,591,463&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61,637,600&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600,968&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2023</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,477,833&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,993,018&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">371,429&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">58</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our committed facility warehouse lines provide financing for our MSR portfolio for liquidity purposes. We maintain a conservative approach to these facilities, generally over-collateralizing the lines against margin calls.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides information on our repurchase agreements and other secured financing by maturity date at March 31, 2025. The weighted average remaining maturity on our repurchase agreements and other secured financing was 56 days at March 31, 2025:</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.017%"><tr><td style="width:1.0%"/><td style="width:21.720%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.464%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.082%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:28.643%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.082%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.209%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal Balance</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 day</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20,058,840</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.48</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32.1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 to 29 days</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,228,145</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.80</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.2</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,441,824</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.51</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24.7</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,007,475</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.49</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.34</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.2</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,707,751</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.51</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.3</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">62,559,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.60</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="18" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Approximately 1% of the total repurchase agreements and other secured financing had a remaining maturity over 1 year.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also finance our investments in residential mortgage loans through the issuance of securitization transactions sponsored by our wholly-owned subsidiary Onslow Bay Financial LLC (&#8220;Onslow Bay&#8221;) under the Onslow Bay private-label securitization program.&#160;In order to increase financing optionality for our Onslow Bay platform, during the quarter we closed a new warehouse facility and renewed or extended existing facilities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents our outstanding debt balances and associated weighted average rates and days to maturity at March 31, 2025:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.771%"><tr><td style="width:1.0%"/><td style="width:32.407%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.083%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.672%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.083%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.672%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.861%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.672%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.450%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal Balance</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of Period End</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Quarter</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Days to Maturity </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.56</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.56</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.03</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.02</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">474</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,535,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.42</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.36</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,953</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,697,443</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.02</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.76</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,871</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total indebtedness</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">86,792,644</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr style="height:3pt"><td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="24" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Determined based on estimated weighted-average lives of the underlying debt instruments.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Non-recourse to Annaly.</span></div></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div id="i3de122f22f784b6a9a44350d49aac173_301"></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Excess Liquidity</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our primary source of liquidity is the availability of unencumbered assets which may be provided as collateral to support additional funding needs. We target minimum thresholds of available, unencumbered assets to maintain excess liquidity. The following table illustrates our asset portfolio available to support potential collateral obligations and funding needs. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assets are considered encumbered if pledged as collateral against an existing liability, and therefore are no longer available to support additional funding. An asset is considered unencumbered if it has not been pledged or securitized. The following table also provides the carrying amount of our encumbered and unencumbered financial assets at March 31, 2025:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">59</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.000%"><tr><td style="width:1.0%"/><td style="width:36.521%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.588%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.774%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.952%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.774%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.591%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Encumbered Assets</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unencumbered Assets</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial assets</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,536,590</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">296,938</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,833,528</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments, at carrying value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,771,278</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,387,652</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">66,158,930</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">444,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">76,353</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">995,953</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">455,571</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,451,524</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,797,913</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">526,923</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,324,836</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MSR</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,793,456</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">479,446</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,251</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,251</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial assets</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95,398,957</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,275,134</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,674,091</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amounts reflected in the table above are on a settlement date basis and may differ from the total positions reported in the Consolidated Statements of Financial Condition.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes assets transferred or pledged to securitization vehicles.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes commercial real estate investments and interests in certain joint ventures.</span></div></td></tr></table></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We maintain liquid assets in order to satisfy our current and future obligations in normal and stressed operating environments. These are held as the primary means of liquidity risk mitigation. The composition of our liquid assets is also considered and is subject to certain parameters. The composition is monitored for concentration risk, including in respect of our deposits of our cash and cash equivalents, and asset type. We believe the assets we consider liquid can be readily converted into cash, through liquidation or by being used as collateral in financing arrangements (including as additional collateral to support existing financial arrangements). Our balance sheet also generates liquidity on an on-going basis through mortgage principal and interest repayments and net earnings held prior to payment of dividends. The following table presents our liquid assets as a percentage of total assets at March 31, 2025:</span></div><div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.988%"><tr><td style="width:1.0%"/><td style="width:80.076%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.724%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Liquid assets</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,833,528</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential Securities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,131,448</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liquid assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">73,884,592</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage of liquid assets to carrying amount of encumbered and unencumbered financial assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95.71</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="6" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Carrying value approximates the market value of assets. The assets listed in this table include $66.8 billion of assets that have been pledged as collateral against existing liabilities at March 31, 2025. Please refer to the Encumbered and Unencumbered Assets table for related information.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The&#160;amounts reflected in the table above are on a settlement date basis and may differ from the total positions reported in the Consolidated Statements of Financial Condition.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Excludes securitized residential mortgage loans transferred or pledged to consolidated VIEs carried at fair value of $24.5 billion.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Denominator is computed based on the carrying amount of encumbered and unencumbered financial assets, excluding assets transferred or pledged to securitization vehicles, of $24.5 billion.</span></div></td></tr></table></div><div style="padding-left:9pt;padding-right:36pt;text-indent:-9pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_304"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Maturity Profile</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We consider the profile of our assets, liabilities and derivatives when managing both liquidity risk as well as investment/market risk employing a measurement of both the maturity gap and interest rate sensitivity gap. We determine the amount of liquid assets that are required to be held by monitoring several liquidity metrics. We utilize several modeling techniques to analyze our current and potential obligations including the expected cash flows from our assets, liabilities and derivatives. The following table illustrates the expected final maturities and cash flows of our assets, liabilities and derivatives. The table is based on a static portfolio and assumes no reinvestment of asset cash flows and no future liabilities are entered into. In assessing the maturity of our assets, liabilities and off-balance sheet obligations, we use the stated maturities, or our prepayment expectations for assets and liabilities that exhibit prepayment characteristics. Cash and cash equivalents are included in the &#8216;Less than 3 Months&#8217; maturity bucket, as they are typically held for a short period of time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With respect to each maturity bucket, our maturity gap is considered negative when the amount of maturing liabilities exceeds the amount of maturing assets. A negative gap increases our liquidity risk as we must enter into future liabilities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our interest rate sensitivity gap is the difference between interest earning assets and interest bearing liabilities maturing or re-pricing within a given time period. Unlike the calculation of maturity gap, interest rate sensitivity gap includes the effect of our interest rate swaps. A gap is considered positive when the amount of interest-rate sensitive assets exceeds the amount of </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">60</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">interest-rate sensitive liabilities. A gap is considered negative when the amount of interest-rate sensitive liabilities exceeds interest-rate sensitive assets. During a period of rising interest rates, a negative gap would tend to adversely affect net interest income, while a positive gap would tend to result in an increase in net interest income. During a period of falling interest rates, a negative gap would tend to result in an increase in net interest income, while a positive gap would tend to affect net interest income adversely. Because different types of assets and liabilities with the same or similar maturities may react differently to changes in overall market rates or conditions, changes in interest rates may affect net interest income positively or negatively even if assets and liabilities were perfectly matched in each maturity category. The amount of assets and liabilities utilized to compute our interest rate sensitivity gap was determined in accordance with the contractual terms of the assets and liabilities, except that adjustable-rate loans and securities are included in the period in which their interest rates are first scheduled to adjust and not in the period in which they mature. The effects of interest rate swaps, whereby we generally pay a fixed rate and receive a floating rate and effectively lock in our financing costs for a longer term, are also reflected in our interest rate sensitivity gap.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interest rate sensitivity of our assets and liabilities in the following table at March 31, 2025 could vary substantially based on actual prepayment experience.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:39.575%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.472%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.619%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.534%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.794%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.827%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.679%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 3<br/>Months</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3-12<br/>&#160;Months</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 1 Year to 3 Years</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3 Years and Over</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial assets</span></td><td colspan="27" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash and cash equivalents</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,833,528</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,833,528</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Agency mortgage-backed securities (principal)</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">195</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45,190</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,300,118</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,345,505</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Residential credit risk transfer securities (principal)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,888</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,576</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">475,832</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Non-agency mortgage-backed securities (principal)</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">189,778</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">173,709</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">367,831</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">670,051</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,401,369</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Commercial mortgage-backed securities (principal)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,015</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,015</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">218,795</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">208,792</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">424,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,446,001</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,298,185</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Residential mortgage loans (principal)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,750,068</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,750,068</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,750,068</span><span style="color:#000000;font-family:'Times New 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1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles (principal)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,048,229</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,048,229</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial assets - maturity</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,052,323</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">208,792</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">424,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98,244,298</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100,930,010</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Effect of utilizing reset dates </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,667,506</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">553,921</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">459,025</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(26,680,452)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial assets - interest rate sensitive</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,719,829</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">762,713</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">883,622</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,563,846</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100,930,010</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Repurchase agreements</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,736,284</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,592,994</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">330,182</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Debt issued by securitization vehicles (principal)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,535,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,535,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Participations issued (principal)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,697,443</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,697,443</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial liabilities - maturity</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">62,255,409</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,592,994</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">330,182</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,233,184</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88,411,769</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Effect of utilizing reset dates </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)(2)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(50,729,794)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,505,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,270,066</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,954,728</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial liabilities - interest rate sensitive</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,525,615</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,097,994</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,600,248</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,187,912</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88,411,769</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity gap</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(60,203,086)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,384,202)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">94,415</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74,011,114</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,518,241</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cumulative maturity gap</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(60,203,086)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(61,587,288)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(61,492,873)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,518,241</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr style="height:6pt"><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate sensitivity gap</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,194,214</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,335,281)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20,716,626)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,375,934</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,518,241</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:6pt"><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cumulative rate sensitivity gap</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,194,214</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,858,933</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,857,693)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,518,241</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr style="height:3pt"><td colspan="30" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="30" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Maturity gap utilizes stated maturities, or prepayment expectations for assets that exhibit prepayment characteristics, while interest rate sensitivity gap utilizes reset dates, if applicable.</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes effect of interest rate swaps.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The methodologies we employ for evaluating interest rate risk include an analysis of our interest rate &#8220;gap,&#8221; measurement of the duration and convexity of our portfolio and sensitivities to interest rates and spreads.</span></div><div id="i3de122f22f784b6a9a44350d49aac173_307"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Stress Testing</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We utilize liquidity stress testing to ensure we have sufficient liquidity under a variety of scenarios and stresses. These stress tests assist with the management of our pool of liquid assets and influence our current and future funding plans. The stresses applied include market-wide and firm-specific stresses.</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_310"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Management Policies</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">61</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We utilize a comprehensive liquidity policy structure to inform our liquidity risk management practices including monitoring and measurement, along with well-defined key risk indicators. Both quantitative and qualitative targets are utilized to measure the ongoing stability and condition of the liquidity position, and include the level and composition of unencumbered assets, as well as the sustainability of the funding composition under stress conditions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also monitor early warning metrics designed to measure the quality and depth of liquidity sources based upon both company-specific and market conditions. The metrics assist in assessing our liquidity conditions and are integrated into our escalation protocol.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_313"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Investment/Market Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of the primary risks we are subject to is investment/market risk. Changes in the level of interest rates can affect our net interest income, which is the difference between the income we earn on our interest earning assets and the interest expense incurred from interest bearing liabilities and derivatives. Changes in the level of interest rates and spreads can also affect the value of our assets and potential realization of gains or losses from the sale of these assets. We may utilize a variety of financial instruments, including interest rate swaps, swaptions, options, futures and other hedges, in order to limit the adverse effects of interest rates on our results. In the case of interest rate swaps, we utilize contracts linked to SOFR but may also enter into interest rate swaps where the floating leg is linked to the overnight index swap rate or another index. In addition, we may use MAC interest rate swaps in which we may receive or make a payment at the time of entering such interest rate swap to compensate for the off-market nature of such interest rate swap. MAC interest rate swaps offer price transparency, flexibility and more efficient portfolio administration through compression which is the process of reducing the number of unique interest rate swap contracts and replacing them with fewer contracts containing market defined terms. Our portfolio and the value of our portfolio, including derivatives, may be adversely affected as a result of changing interest rates and spreads.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We simulate a wide variety of interest rate scenarios in evaluating our risk. Scenarios are run to capture our sensitivity to changes in interest rates, spreads and the shape of the yield curve. We also consider the assumptions affecting our analysis such as those related to prepayments. In addition to predefined interest rate scenarios, we utilize Value-at-Risk measures to estimate potential losses in the portfolio over various time horizons utilizing various confidence levels. The following tables estimate the potential changes in economic net interest income over a twelve month period and the immediate effect on our portfolio market value (inclusive of derivative instruments), should interest rates instantaneously increase or decrease by 25, 50 or 75 basis points, and the effect of portfolio market value if mortgage option-adjusted spreads instantaneously increase or decrease by 5, 15 or 25 basis points (assuming shocks are parallel and instantaneous). All changes to income and portfolio market value are measured as percentage changes from the projected net interest income and portfolio value at the base interest rate scenario. The net interest income simulations incorporate the interest expense effect of rate resets on liabilities and derivatives as well as the amortization expense and reinvestment of principal based on the prepayments on our securities, which varies based on the level of rates. The results assume no management actions in response to the rate or spread changes. The following table presents estimates at March 31, 2025. Actual results could differ materially from these estimates.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:23.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.533%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.533%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.535%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in Interest Rate </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Estimated Percentage Change in Portfolio Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Estimated Change as a</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">% on NAV </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)(3)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Projected Percentage Change in Economic Net Interest Income </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-75 Basis points</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.1%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.8%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.6%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-50 Basis points</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.1%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.4%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-25 Basis points</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.1%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.4%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.8%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+25 Basis points</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.1%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1.0%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1.3%)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+50 Basis points</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.3%)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2.4%)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2.9%)</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+75 Basis points</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.6%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4.1%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4.8%)</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">MBS Spread Shock </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Change in</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Market Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Estimated Change as a</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">&#160;% on NAV </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)(3)</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-25 Basis points</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.4%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.8%</span></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-15 Basis points</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.8%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.9%</span></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">-5 Basis points</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.3%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.9%</span></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+5 Basis points</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.3%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1.9%)</span></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+15 Basis points</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(0.8%)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5.8%)</span></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">+25 Basis points</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1.3%)</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9.6%)</span></td><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="18" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest rate and MBS spread sensitivity are based on results from third party models in conjunction with inputs from our internal investment professionals. Actual results could differ materially from these estimates.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Scenarios include securities, residential mortgage loans, MSR and derivative instruments.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">NAV represents book value of equity.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Scenarios include securities, residential mortgage loans, repurchase agreements, other secured financing and interest rate swaps.&#160;Economic net interest income includes the net interest component of interest rate swaps and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss).</span></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">62</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_316"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Key risk parameters have been established to specify our credit risk appetite. We seek to manage credit risk by making investments which conform to the firm&#8217;s specific investment policy parameters and optimize risk-return attributes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While we do not expect to encounter credit risk in our Agency mortgage-backed securities, we face credit risk on the non-Agency mortgage-backed securities and CRT securities in our portfolio. In addition, we are also exposed to credit risk on residential mortgage loans and commercial real estate investments. MSR values may also be impacted through reduced servicing fees and higher costs to service the underlying mortgage loans due to borrower performance. Generally, we are subject to risk of loss if an issuer or borrower fails to perform its contractual obligations. We have established policies and procedures for mitigating credit risk, including establishing and reviewing limits for credit exposure. In the case of residential mortgage loans and MSR, we may engage a third party to perform due diligence on a sample of loans that we believe sufficiently represents the entire pool. Once an investment is made, our ongoing surveillance process includes regular reviews, analysis and oversight of investments by our investment personnel and appropriate committee. We review credit and other risks of loss associated with each investment. Our management monitors the overall portfolio risk and determines estimates of provision for loss. Additionally, ALCO has oversight of our credit risk exposure. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our portfolio composition, based on balance sheet values, at March 31, 2025 and December 31, 2024 was as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:61.257%"><tr><td style="width:1.0%"/><td style="width:46.632%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.436%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.439%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Category</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;padding:0 1pt"/><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68.6&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.8&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.4</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.5&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27.8</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26.0&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.1&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.2</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"/><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.0&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes assets transferred or pledged to securitization vehicles.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_319"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Counterparty Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our use of repurchase and derivative agreements and trading activities create exposure to counterparty risk relating to potential losses that could be recognized if the counterparties to these agreements fail to perform their obligations under the contracts. In the event of default by a counterparty, we could have difficulty obtaining our assets pledged as collateral. A significant portion of our investments are financed with repurchase agreements by pledging our Residential Securities as collateral to the applicable lender. The collateral we pledge generally exceeds the amount of the borrowings under each agreement. If the counterparty to the repurchase agreement defaults on its obligations and we are not able to recover our pledged asset, we are at risk of losing the over-collateralization or haircut. The amount of this exposure is the difference between the amount loaned to us plus interest due to the counterparty and the fair value of the collateral pledged by us to the lender including accrued interest receivable on such collateral.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also use interest rate swaps and other derivatives that are not centrally cleared to manage interest rate risk. Under these agreements, we pledge securities and cash as collateral or settle variation margin payments as part of a margin arrangement. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If a counterparty were to default on its obligations, we would be exposed to a loss to a derivative counterparty to the extent that the amount of our securities or cash pledged exceeded the unrealized loss on the associated derivative and we were not able to recover the excess collateral. Additionally, we would be exposed to a loss to a derivative counterparty to the extent that our unrealized gains on derivative instruments exceeded the amount of the counterparty&#8217;s securities or cash pledged to us.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We monitor our exposure to counterparties across several dimensions including by type of arrangement, collateral type, counterparty type, ratings and geography. Additionally, ALCO has oversight of our counterparty exposure. The following table summarizes our exposure to counterparties by geography at March 31, 2025:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">63</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.456%"><tr><td style="width:1.0%"/><td style="width:22.481%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.686%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.686%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.339%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.686%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.344%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Counterparties</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Secured Financing</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Rate Swaps at Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exposure</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Geography</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">North America</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47,000,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,719)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,912,884</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Europe</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,344,781</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,724)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">855,791</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asia (non-Japan)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">497,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,330</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Japan</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,717,300</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"/><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">392,568</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">62,559,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,443)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,179,573</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:5pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="24" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes repurchase agreements and other secured financing.</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Represents the amount of cash and/or securities pledged as collateral to each counterparty less the aggregate of repurchase agreement and other secured financing and derivatives for each counterparty.</span></div></td></tr></table></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_322"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Operational Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to operational risk in each of our business and support functions. Operational risk may arise from internal or external sources including human error, fraud, systems issues, process change, vendors, business interruptions and other external events. We manage operational risk through a variety of tools including processes, policies and procedures that cover topics such as business continuity, personal conduct, cybersecurity and vendor management. Other tools include Risk and Control Self Assessment (&#8220;RCSA&#8221;) testing, including disaster recovery/testing; systems controls, including access controls; training, including phishing exercises and cybersecurity awareness training; and monitoring, which includes the use of key risk indicators. Our Operational Risk Management team conducts a disaster recovery exercise on an annual basis and periodically conducts other operational risk tabletop exercises. Employee-level lines of defense against operational risk include proper segregation of incompatible duties, activity-level internal controls over financial reporting, the empowerment of business units to identify and mitigate operational risk sources, testing by our internal audit staff, and our overall governance framework.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operational Risk Management responsibilities are overseen by the ERC. The ERC is responsible for supporting the Operating Committee in the implementation, ongoing monitoring, and evaluation of the effectiveness of the enterprise-wide risk management framework. This oversight authority includes review of the strategies, processes, policies, and practices established by management to identify, assess, measure, and manage enterprise-wide risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cybersecurity is part of our enterprise-wide risk management framework. Processes for assessing, identifying and managing cybersecurity risks include cybersecurity risk assessments, use of key risk indicators, vendor cybersecurity risk management, employee training, including phishing exercises and cybersecurity awareness training, penetration testing, evaluation of cybersecurity insurance and periodic engagements by our internal audit department, which determines whether our cybersecurity program and information security practices align with relevant parts of the National Institute of Standards and Technology (&#8220;NIST&#8221;) framework. We periodically engage penetration testing companies and law firms to assist in these processes. When we do so, we hire reputable companies, limit their access to only information necessary for the specific purpose and maintain security controls around confidential information, including personal information. We also maintain a Cybersecurity Incident Response Plan (&#8220;Response Plan&#8221;) with processes to identify, contain, mitigate and escalate cybersecurity incidents, utilizing cross-functional expertise and external resources as needed. We conduct periodic tabletop exercises to test our Response Plan and our reaction to various business disruption events, and the results of these tabletop exercises are reported to the Cybersecurity Committee and the ERC.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also have processes in place to oversee and identify material risks from cybersecurity threats associated with our use of third party service providers upon which we depend on to perform various business processes related to our operations,  including mortgage loan servicers and sub-servicers. Our vendor management and IT policies establish procedures for engaging, onboarding and monitoring the performance of third party vendors. For mortgage loan servicers and sub-servicers, these procedures include assessing a vendor&#8217;s financial health as well as oversight of its compliance with applicable laws and regulations, cybersecurity and business continuity programs and security of personal information. We also have processes to evaluate and classify cybersecurity risk related to sensitive data held by key third party service providers on their systems.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Cybersecurity Committee has primary responsibility for these processes to manage cybersecurity risks, under the oversight of the ERC. Daily monitoring of cybersecurity defenses is performed by the IT Infrastructure Team and any issues are escalated to the Cybersecurity Committee as needed. The Cybersecurity Committee regularly meets to discuss both routine oversight of cybersecurity processes, policies and procedures and management of any cyber-specific events, including escalation to the ERC, the executive leadership team and/or the Board, as appropriate. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Cybersecurity Committee includes representatives from Operational Risk Management, Information Technology, Legal, Mortgage Operations and Internal Controls. Certain members of the Cybersecurity Committee have relevant qualifications such as extensive work experience implementing data security measures, developing cybersecurity policies and procedures and </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">64</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">assessing, managing and reporting cybersecurity risk. Members also participate in cybersecurity-related professional organizations that discuss industry threats, challenges and solutions to cybersecurity issues. Our Head of IT Infrastructure has completed the &#8220;Cybersecurity: Managing Risk in the Information Age&#8221; certificate program from Harvard University.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Cybersecurity Committee regularly discusses cybersecurity risk management and best practices with the ERC and with the Audit and Risk Committees of our Board. The Audit and Risk Committees jointly oversee processes, practices and policies related to cybersecurity and receive joint and individual presentations from management and external experts on cyber technology-related risks. Two members of our Board have completed the Carnegie Mellon/NACD Cyber-Risk Oversight Program and earned the CERT Certificate in Cybersecurity Oversight and one member of our Board has completed the NACD Master Class: Cyber-Risk Oversight Program.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To date, we have not detected any risks from cybersecurity threats that have materially affected us. However, even though we take steps to employ reasonable cybersecurity defenses, not every cybersecurity incident can be prevented or detected. We also may be held responsible for cybersecurity threats affecting our third party service providers, including servicers and sub-servicers, some of whom have reported breaches in the past. Therefore, while we are not aware of any cybersecurity threats or incidents that are reasonably likely to have a material effect on our business strategy, results of operations, the likelihood and severity of such risks are difficult to predict. For further discussion, please see the risk factors titled &#8220;We are highly dependent on information systems and networks, many of which are operated by third parties&#8221; and &#8220;Cyberattacks or other information security breaches of our Company&#8217;s, service providers&#8217; or counterparties&#8217; systems or network affect our business, reputation and financial condition&#8221; in Part I, Item 1A. &#8220;Risk Factors&#8221; of our most recent Annual Report on Form 10-K and in Part II, Item 1A. &#8220;Risk Factors&#8221; in this Quarterly Report on Form 10-Q.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_325"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Compliance, Regulatory and Legal Risk Management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is organized as a REIT, and we seek to continue to meet the requirements for taxation as a REIT. The determination that we are a REIT requires an analysis of various factual matters and circumstances. Accordingly, we closely monitor our REIT status within our risk management program. We also regularly assess our risk management in respect of our regulated and licensed subsidiaries, which include our registered broker-dealer subsidiary Arcola, our subsidiary that is registered with the SEC as an investment adviser under the Investment Advisers Act and our subsidiary that operates as a licensed mortgage aggregator and master servicer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial services industry is highly regulated and receives significant attention from regulators, which may impact both our company and our business strategy. Our investments in residential whole loans and MSR require us to comply with applicable state and federal laws and regulations and maintain appropriate governmental licenses, approvals and exemptions. We proactively monitor the potential impact regulation may have both directly and indirectly on us. We maintain a process to actively monitor both actual and potential legal action that may affect us. Our risk management framework is designed to identify, measure and monitor these risks under oversight of the ERC.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We currently rely on the exemption from registration provided by Section 3(c)(5)(C) of the Investment Company Act, and we seek to continue to meet the requirements for this exemption from registration. The determination that we qualify for this exemption from registration depends on various factual matters and circumstances. Accordingly, in conjunction with our legal department, we closely monitor our compliance with Section 3(c)(5)(C) of the Investment Company Act within our risk management program. Compliance with Section 3(c)(5)(C) of the Investment Company Act is monitored by the FRDC.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_328"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Critical Accounting Estimates</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our consolidated financial statement in accordance with generally accepted accounting principles in the United States requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ materially from these estimates and changes in assumptions could have a significant effect on the consolidated financial statements. Our critical accounting policies that require us to make significant judgments or estimates are described below. For more information on these critical accounting policies and other significant accounting policies, refer to the Note titled &#8220;Significant Accounting Policies&#8221; in the Notes to the Consolidated Financial Statements included in Item 1. &#8220;Financial Statements.&#8221;</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">65</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_331"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Valuation of Financial Instruments</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_334"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Residential Securities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: We carry Residential Securities at estimated fair value. There is an active market for our Agency mortgage-backed securities, CRT securities and non-Agency mortgage-backed securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: Since we primarily invest in securities that can be valued using quoted prices for actively traded assets, there is a high degree of observable inputs and less subjectivity in measuring fair value. Internal fair values are determined using quoted prices from the TBA securities market, the Treasury curve and the underlying characteristics of the individual securities, which may include coupon, periodic and life caps, reset dates and the expected life of the security. While prepayment rates may be difficult to predict and require estimation and judgment in the valuation of Agency mortgage-backed securities, we use several third party models to validate prepayment speeds used in fair value measurements of Residential Securities. All internal fair values are compared to external pricing sources and/or dealer quotes to determine reasonableness. Additionally, securities used as collateral for repurchase agreements are priced daily by counterparties to ensure sufficient collateralization, providing additional verification of our internal pricing.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sensitivity of Estimates to Change: Changes in underlying assumptions used in estimating fair value impact the carrying value of the Residential Securities as well as their yield. For example, an increase in CPR would decrease the carrying value and yield of our Agency mortgage-backed securities. Our valuations are most sensitive to changes in interest rate, which also impacts prepayment speeds. Refer to the Experienced and Projected Long-Term CPR, Financial Condition &#8211; Residential Securities and the interest rate sensitivity and interest rate and MBS spread shock analysis and discussions within this Item 2 for further information.</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_337"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Residential Mortgage Loans</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: We elected to account for Residential Mortgage Loans at fair value. There is an active market for the residential whole loans in which we invest.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: Since we primarily invest in residential loans that can be valued using actively quoted prices for similar assets, there are observable inputs in measuring fair value. Internal fair values are determined using quoted prices for similar market transactions, the swap curve and the underlying characteristics of the individual loans, which may include loan term, coupon, and reset dates. While prepayment rates may be difficult to predict and are a significant estimate requiring judgment in the valuation of residential whole loans, we validate prepayment speeds against those provided by independent pricing analytic providers specializing in residential mortgage loans. Internal fair values are generally compared to external pricing sources to determine reasonableness.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sensitivity of Estimates to Change: Changes to model assumptions, including prepayment speeds may significantly impact the fair value estimate of residential mortgage loans as well as unrealized gains and losses and yield on these assets. Our valuations are most sensitive to changes in interest rate, which also impacts prepayment speeds. Refer to the interest rate sensitivity and interest rate shock analysis and discussions within this Item 2 for further information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_340"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">MSR</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: We elected to account for MSR at fair value. The market for MSR is considered less active and transparent compared to securities. As such fair value estimates for our investment in MSR are obtained from models, which use significant unobservable inputs in their valuations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including prepayment rates, delinquency levels, costs to service and discount rates. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sensitivity of Estimates to Change: Changes in the underlying assumptions used to estimate the fair value of MSR impact the carrying value as well as the related unrealized gains and losses recognized. For further discussion of the sensitivity of the  </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">model inputs refer to the Note titled &#8220;Fair Value Measurements&#8221; in the Notes to the Consolidated Financial Statements included in Item 1. &#8220;Financial Statements.&#8221;</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_343"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Swaps</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: We are required to account for derivative assets and liabilities at fair value, which may or may not be cleared through a derivative clearing organization. We value our cleared interest rate swaps using the prices provided by the derivatives clearing organization. We value uncleared derivatives using internal models with prices compared to counterparty marks.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: We use the overnight indexed swap (&#8220;OIS&#8221;) curve, the SOFR curve, or SOFR forward rates as an input to value substantially all of our uncleared interest rate swaps. Consistent with market practice, we exchange collateral (also called margin) based on the fair values of our interest rate swaps. Through this margining process, we may be able to compare our recorded fair value with the fair value calculated by the counterparty or derivatives clearing organization, providing additional verification of our recorded fair value of the uncleared interest rate swaps. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sensitivity of Estimates to Change: Changes in the OIS curve will impact the carrying value of our interest rate swap assets and liabilities.  Our valuations are most sensitive to changes in interest rate, which also impacts prepayment speeds.  Refer to the interest rate sensitivity and interest rate shock analysis and discussions within this Item 2 for further information.  </span></div><div id="i3de122f22f784b6a9a44350d49aac173_346"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: Interest income from coupon payments is accrued based on the outstanding principal amounts of the Residential Securities and their contractual terms. Premiums and discounts associated with the purchase of the Residential Securities are amortized or accreted into interest income over the projected lives of the securities using the interest method. Gains or losses on sales of Residential Securities are recorded on trade date based on the specific identification method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: To aid in determining projected lives of the securities, we use third party model and market information to project prepayment speeds.&#160;Our prepayment speed projections incorporate underlying loan characteristics (i.e., coupon, term, original loan size, original loan-to-value ratio, etc.) and market data, including interest rate and home price index forecasts and expert judgment. Prepayment speeds vary according to the type of investment, conditions in the financial markets and other factors and cannot be predicted with any certainty.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sensitivity of Estimates to Change: Changes to model assumptions, including interest rates and other market data, as well as periodic revisions to the model will cause changes in the results. Adjustments are made for actual prepayment activity as it relates to calculating the effective yield. The sensitivity of changes in interest rates to our economic net interest income is included in the interest rate shock analysis and discussions within this Item 2 for further information.  </span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_349"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Consolidation of Variable Interest Entities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description: We are required to determine if it is required to consolidate entities in which it holds a variable interest.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Judgments and Uncertainties: Determining whether an entity has a controlling financial interest in a VIE requires significant judgment related to assessing the purpose and design of the VIE and determination of the activities that most significantly impact its economic performance. We must also identify explicit and implicit variable interests in the entity and consider our involvement in both the design of the VIE and its ongoing activities. To determine whether consolidation of the VIE is required, we must apply judgment to assess whether we have the power to direct the most significant activities of the VIE and whether we have either the rights to receive benefits or the obligation to absorb losses that could be potentially significant to the VIE.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_352"></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The use of GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_355"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Glossary of Terms</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">A</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustable-Rate Loan / Security</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A loan / security on which interest rates are adjusted at regular intervals according to predetermined criteria. The adjustable interest rate is tied to an objective, published interest rate index.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agency</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to a federally chartered corporation, such as the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or an agency of the U.S. Government, such as the Government National Mortgage Association.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agency Mortgage-Backed Securities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to residential mortgage-backed securities that are issued or guaranteed by an Agency.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amortization</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liquidation of a debt through installment payments.&#160; Amortization also refers to the process of systematically reducing a recognized asset or liability (e.g., a purchase premium or discount for a debt security) with an offset to earnings.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Average GAAP Cost of Interest Bearing Liabilities and Average Economic Cost of Interest Bearing Liabilities </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities is a non-GAAP financial measure that reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Average Life</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On a mortgage-backed security, the average time to receipt of each dollar of principal, weighted by the amount of each principal prepayment, based on prepayment assumptions.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Average Yield on Interest Earnings Assets and Average Yield on Interest Earnings Assets (excluding PAA)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is a non-GAAP financial measure that is calculated using annualized interest income (excluding PAA).</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#00316c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">B</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis Point (&#8220;bp&#8221; or &#8220;bps&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One hundredth of one percent, used in expressing differences in interest rates.&#160; One basis point is 0.01% of yield. For example, a bond&#8217;s yield that changed from 3.00% to 3.50% would be said to have moved 50 basis points.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Benchmark</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A bond or an index referencing a basket of bonds whose terms are used for comparison with other bonds of similar maturity. The global financial market typically looks to U.S. Treasury securities as benchmarks.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Beneficial Owner</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One who benefits from owning a security, even if the security&#8217;s title of ownership is in the name of a broker or bank.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Board</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to the board of directors of Annaly.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Bond</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The written evidence of debt, bearing a stated rate or stated rates of interest, or stating a formula for determining that rate, and maturing on a date certain, on which date and upon presentation a fixed sum of money plus interest (usually represented by interest coupons attached to the bond) is payable to the holder or owner. Bonds are long-term securities with an original maturity of greater than one year. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Book Value Per Share</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Calculated by summing common stock, additional paid-in capital, accumulated other comprehensive income (loss) and accumulated deficit and dividing that number by the total common shares outstanding.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Broker</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generic name for a securities firm engaged in both buying and selling securities on behalf of customers or its own account.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">C</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital Buffer</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Includes unencumbered financial assets which can be either sold or utilized as collateral to meet liquidity needs.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital Ratio (GAAP Capital Ratio)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Calculated as total stockholders&#8217; equity divided by total assets.&#160;</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">68</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Carry</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount an asset earns over its hedging and financing costs. A positive carry happens when the rate on the securities being financed is greater than the rate on the funds borrowed. A negative carry is when the rate on the funds borrowed is greater than the rate on the securities that are being financed.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CMBX</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The CMBX index is a synthetic tradable index referencing a basket of 25 CMBS of a particular rating and vintage. The CMBX index allows investors to take a long position (referred to as selling protection) or short position (referred to as purchasing protection) on the respective basket of CMBS securities and is structured as a &#8220;pay-as-you-go&#8221; contract whereby the protection seller receives and the protection buyer pays a standardized running coupon on the contracted notional amount. Additionally, the protection seller is obligated to pay to the protection buyer the amount of principal losses and/or coupon shortfalls on the underlying CMBS securities as they occur.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Collateral</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities, cash or property pledged by a borrower or party to a derivative contract to secure payment of a loan or derivative. If the borrower fails to repay the loan or defaults under the derivative contract, the secured party may take ownership of the collateral.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Collateralized Loan Obligation (&#8220;CLO&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A securitization collateralized by loans and other debt instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Collateralized Mortgage Obligation (&#8220;CMO&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A multiclass bond backed by a pool of mortgage pass-through securities or mortgage loans.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commodity Futures Trading Commission (&#8220;CFTC&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An independent U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974. The CFTC regulates the swaps, commodity futures and options markets. Its goals include the promotion of competitive and efficient futures markets and the protection of investors against manipulation, abusive trade practices and fraud.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commercial Mortgage-Backed Security (&#8220;CMBS&#8221; or &#8220;Commercial Securities&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities collateralized by a pool of mortgages on commercial real estate in which all principal and interest from the mortgages flow to certificate holders in a defined sequence or manner.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Constant Prepayment Rate (&#8220;CPR&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The percentage of outstanding mortgage loan principal that prepays in one year, based on the annualization of the Single Monthly Mortality, which reflects the outstanding mortgage loan principal that prepays in one month.</span></div><div><span><br/></span></div><div><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Convexity</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A measure of the change in a security&#8217;s duration with respect to changes in interest rates. The more convex a security is, the more its duration will change with interest rate changes.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of two entities in a transaction. For example, in the bond market a counterparty can be a state or local government, a broker-dealer or a corporation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Coupon</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interest rate on a bond that is used to compute the amount of interest due on a periodic basis.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit and Counterparty Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk to earnings, capital or business, resulting from an obligor&#8217;s or counterparty&#8217;s failure to meet the terms of any contract or otherwise failure to perform as agreed. Credit and counterparty risk is present in lending, investing, funding and hedging activities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit Derivatives</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivative instruments that have one or more underlyings related to the credit risk of a specified entity (or&#160;group of entities) or an index that exposes the seller to potential loss from specified credit-risk related events.&#160;An example is credit derivatives referencing the commercial mortgage-backed securities index.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit Risk Transfer (&#8220;CRT&#8221;) Securities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit Risk Transfer securities are risk sharing transactions issued by Fannie Mae and Freddie Mac and similarly structured transactions arranged by third party market participants. The securities issued in the CRT sector are designed to synthetically transfer mortgage credit risk from Fannie Mae, Freddie Mac and/or third parties to private investors.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Current Face</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The current remaining monthly principal on a mortgage security. Current face is computed by multiplying the original face value of the security by the current principal balance factor.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">D</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dealer</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Person or organization that underwrites, trades and sells securities, e.g., a principal market-maker in securities.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Default Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Possibility that a bond issuer will fail to pay principal or interest when due.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">69</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivative</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A financial product that derives its value from the price, price fluctuations and price expectations of an underlying instrument, index or reference pool (e.g. futures contracts, options, interest rate swaps, interest rate swaptions and certain to-be-announced securities).</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Discount Price</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the dollar price is below face value, it is said to be selling at a discount.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Duration</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted maturity of a fixed-income investment&#8217;s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">E</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Earnings available for distribution (&#8220;EAD&#8221;) and Earnings available for distribution Per Average Common Share </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-GAAP financial measure defined as the sum of (a) economic net interest income, (b) TBA dollar roll income and CMBX coupon income, (c) net servicing income less realized amortization of MSR, (d) other income (loss) (excluding amortization of intangibles, non-EAD income allocated to equity method investments and other non-EAD components of other income (loss)), (e) general and administrative expenses (excluding transaction expenses and non-recurring items), and (f) income taxes (excluding the income tax effect of non-EAD income (loss) items) and excludes (g) the premium amortization adjustment representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to our Agency mortgage-backed securities. Earnings available for distribution per average common share is a non-GAAP financial measure calculated by dividing earnings available for distribution by average basic common shares for the period. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This metric was previously labeled Core Earnings (excluding PAA) and Core Earnings (excluding PAA) Per Average Common Share). The definition of EAD is identical to the definition of Core Earnings (excluding PAA) from prior reporting periods.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Capital</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A measure of the risk a firm is subject to.&#160; It is the amount of capital a firm needs as a buffer to protect against risk.&#160; It is a probabilistic measure of potential future losses at a given confidence level over a given time horizon.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Capital Ratio</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-GAAP financial measure that is calculated as total stockholders&#8217; equity divided by total economic assets.  Total economic assets includes the implied market value of TBA derivatives and are net of debt issued by securitization vehicles.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Interest Expense</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-GAAP financial measure that is comprised of GAAP interest expense, the net interest component of interest rate swaps and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Leverage Ratio (Economic Debt-to-Equity Ratio)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-GAAP financial measure that is calculated as the sum of recourse debt, cost basis of TBA and CMBX derivatives outstanding and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued  are non-recourse to us and are excluded from this measure.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Net Interest Income</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-GAAP financial measure that is composed of GAAP interest income less Economic Interest Expense.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Economic Return</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to the Company&#8217;s change in book value plus dividends declared divided by the prior period&#8217;s book value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Encumbered Assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assets on the company&#8217;s balance sheet which have been pledged as collateral against a liability.</span></div><div style="text-align:justify"><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">F</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Face Amount</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The par value (i.e., principal or maturity value) of a security appearing on the face of the instrument.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Factor</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A decimal value reflecting the proportion of the outstanding principal balance of a mortgage security, which changes over time, in relation to its original principal value.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fannie Mae</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal National Mortgage Association.</span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">70</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An independent agency created by the U.S. Congress to maintain stability and public confidence in the nation&#8217;s financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Federal Funds Rate</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interest rate charged by banks on overnight loans of their excess reserve funds to other banks.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Federal Housing Financing Agency (&#8220;FHFA&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The FHFA is an independent regulatory agency that oversees vital components of the secondary mortgage market including Fannie Mae, Freddie Mac and the Federal Home Loan Banks.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FINRA is a non-governmental organization tasked with regulating all business dealings conducted between dealers, brokers and all public investors.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Rate Mortgage</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A mortgage featuring level monthly payments, determined at the outset, which remain constant over the life of the mortgage.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed Income Clearing Corporation (&#8220;FICC&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The FICC is an agency that deals with the confirmation, settlement and delivery of fixed-income assets in the U.S. The agency ensures the systematic and efficient settlement of</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> U.S. Government securities and mortgage-backed security transactions in the market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Floating Rate Bond</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A bond for which the interest rate is adjusted periodically according to a predetermined formula, usually linked to an index.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Floating Rate CMO</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A CMO tranche which pays an adjustable rate of interest tied to a representative interest rate index such as the SOFR, the Constant Maturity Treasury or the Cost of Funds Index.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Freddie Mac</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal Home Loan Mortgage Corporation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Futures Contract</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A legally binding agreement to buy or sell a commodity or financial instrument in a designated future month at a price agreed upon at the initiation of the contract by the buyer and seller. Futures contracts are standardized according to the quality, quantity, and delivery time and location for each commodity. A futures contract differs from an option in that an option gives one of the counterparties a right and the other an obligation to buy or sell, while a futures contract represents an obligation of both counterparties, one to deliver and the other to accept delivery. A futures contract is part of a class of financial instruments called derivatives.</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">G</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">GAAP</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U.S. generally accepted accounting principles.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ginnie Mae</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Government National Mortgage Association.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">H</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hedge</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An investment made with the intention of minimizing the impact of adverse movements in interest rates or securities prices.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">I</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Initial Margin</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash or securities provided by a party to collateralize its obligations under a transaction that is not based on changes in the value of such transaction since the trade was executed.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">In-the-Money</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description for an option that has intrinsic value and can be sold or exercised for a profit; a call option is in-the-money when the strike price (execution price) is below the market price of the underlying security.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest Bearing Liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to repurchase agreements, debt issued by securitization vehicles, U.S. Treasury securities sold, not yet purchased and credit facilities. Average interest bearing liabilities is based on daily balances.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest Earning Assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to Residential Securities, U.S. Treasury securities, reverse repurchase agreements, commercial real estate debt and residential mortgage loans. Average interest earning assets is based on daily balances.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">71</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest-Only (IO) Bond</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interest portion of mortgage, Treasury or bond payments, which is separated and sold individually from the principal portion of those same payments.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest Rate Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment&#8217;s value will change due to a change in the absolute level of interest rates, in the spread between two rates, in the shape of the yield curve or in any other interest rate relationship. As market interest rates rise, the value of current fixed income investment holdings declines.&#160;Diversifying, deleveraging and hedging techniques are utilized to mitigate this risk.&#160;Interest rate risk is a form of market risk.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest Rate Swap</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A binding agreement between counterparties to exchange periodic interest payments on some predetermined dollar principal, which is called the notional principal amount. For example, one party will pay fixed and receive a variable rate.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest Rate Swaption</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options on interest rate swaps. The buyer of a swaption has the right to enter into an interest rate swap agreement at some specified date in the future. The swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">International Swaps and Derivatives Association (&#8220;ISDA&#8221;) Master Agreement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standardized contract developed by ISDA used as an umbrella under which bilateral derivatives contracts are entered into.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inverse IO Bond</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An interest-only bond whose coupon is determined by a formula expressing an inverse relationship to a benchmark rate, such as SOFR.&#160;As the benchmark rate changes, the IO coupon adjusts in the opposite direction. When the benchmark rate is relatively low, the IO pays a relatively high coupon payment, and vice versa.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment/Market Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk to earnings, capital or business resulting in the decline in value of our assets caused from changes in market variables, such as interest rates, which affect the values of Residential Securities and other investment instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Advisers Act</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to the Investment Advisers Act of 1940, as amended.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Company Act</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to the Investment Company Act of 1940, as amended.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">L</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The use of borrowed money to increase investing power and economic returns.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage Ratio (GAAP Leverage Ratio or Debt-to-Equity Ratio)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Calculated as total debt to total stockholders&#8217; equity. For purposes of calculating this ratio total debt includes repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to us.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LIBOR (London Interbank Offered Rate)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A rate previously used as a benchmark for financial transactions. All tenors of LIBOR relevant to us are either no longer published or are no longer representative.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk to earnings, capital or business arising from our inability to meet our obligations when they come due without incurring unacceptable losses because of inability to liquidate assets or obtain adequate funding.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-Term CPR</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our projected prepayment speeds for certain Agency mortgage-backed securities using third party model and market information. Our prepayment speed projections incorporate underlying loan characteristics (e.g., coupon, term, original loan size, original loan-to-value ratio, etc.) and market data, including interest rate and home price index forecasts.&#160; Changes to model assumptions, including interest rates and other market data, as well as periodic revisions to the model will cause changes in the results.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-Term Debt</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Debt which matures in more than one year. </span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">M</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market Agreed Coupon (&#8220;MAC&#8221;) Interest Rate Swap</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An interest rate swap contract structure with pre-defined, market agreed terms, developed by SIFMA and ISDA with the purpose of promoting liquidity and simplified administration.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Monetary Policy</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Action taken by the Federal Open Market Committee of the Federal Reserve System to influence the money supply or interest rates.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">72</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mortgage-Backed Security (&#8220;MBS&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A security representing a direct interest in a pool of mortgage loans. The pass-through issuer or servicer collects the payments on the loans in the pool and &#8220;passes through&#8221; the principal and interest to the security holders on a pro rata basis.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mortgage Loan</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A mortgage loan granted by a bank, thrift or other financial institution that is based solely on real estate as security and is not insured or guaranteed by a government agency.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mortgage Servicing Rights (&#8220;MSR&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Contractual agreements constituting the right to service an existing mortgage where the holder receives the benefits and bears the costs and risks of servicing the mortgage.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">N</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NAV</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net asset value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net Interest Income</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Represents interest income earned on our portfolio investments, less interest expense paid for borrowings.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net Interest Margin and Net Interest Margin (excluding PAA)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net interest margin represents our interest income less interest expense divided by average interest earning assets. Net interest margin (excluding PAA) is a non-GAAP financial measure that represents the sum of our interest income (excluding PAA) plus TBA dollar roll income and CMBX coupon income less economic interest expense divided by the sum of average interest earning assets plus average outstanding TBA contract and CMBX balances.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net Interest Spread and Net Interest Spread (excluding PAA)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net interest spread represents the average yield on interest earning assets less the average GAAP cost of interest bearing liabilities. Net interest spread (excluding PAA) is a non-GAAP financial measure that represents the average yield on interest earning assets (excluding PAA) less the average economic cost of interest bearing liabilities.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-Performing Loan (&#8220;NPL&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A loan that is close to defaulting or is in default.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Notional Amount</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A stated principal amount in a derivative contract on which the contract is based.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">O</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operational Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risk to earnings, capital, reputation or business arising from inadequate or failed internal processes or systems, human factors or external events.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Option Contract</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A contract in which the buyer has the right, but not the obligation, to buy or sell an asset at a set price on or before a given date. Buyers of call options bet that a security will be worth more than the price set by the option (the strike price), plus the price they pay for the option itself. Buyers of put options bet that the security&#8217;s price will drop below the price set by the option. An option is part of a class of financial instruments called derivatives, which means these financial instruments derive their value from the worth of an underlying investment.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Original Face</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The face value or original principal amount of a security on its issue date.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Out-of-the-Money</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description for an option that has no intrinsic value and would be worthless if it expired today; for a call option, this situation occurs when the strike price is higher than the market price of the underlying security; for a put option, this situation occurs when the strike price is less than the market price of the underlying security.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overnight Index Swaps (&#8220;OIS&#8221;)</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An interest rate swap in which a fixed rate is exchanged for an overnight floating rate.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Over-The-Counter (&#8220;OTC&#8221;) Market</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A securities market that is conducted by dealers throughout the country through negotiation of price rather than through the use of an auction system as represented by a stock exchange.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">P</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Par</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Price equal to the face amount of a security; 100%.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Par Amount</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The principal amount of a bond or note due at maturity. Also known as par value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pass-Through Security</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A securitization structure where a GSE or other entity &#8220;passes&#8221; the amount collected from the borrowers every month to the investor, after deducting fees and expenses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">73</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pool</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A collection of mortgage loans assembled by an originator or master servicer as the basis for a security. In the case of Ginnie Mae, Fannie Mae, or Freddie Mac mortgage pass-through securities, pools are identified by a number assigned by the issuing agency.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Premium</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount by which the price of a security exceeds its principal amount. When the dollar price of a bond is above its face value, it is said to be selling at a premium.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Premium Amortization Adjustment (&#8220;PAA&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to our Agency mortgage-backed securities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepayment</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unscheduled partial or complete payment of the principal amount outstanding on a mortgage loan or other debt before it is due.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepayment Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risk that falling interest rates will lead to increased prepayments of mortgage or other loans, forcing the investor to reinvest at lower prevailing rates.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepayment Speed</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The&#160;estimated&#160;rate&#160;at&#160;which&#160;mortgage&#160;borrowers&#160;will&#160;pay off the&#160;mortgages&#160;that underlie&#160;an&#160;MBS.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Primary Market</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Market for offers or sales of new bonds by the issuer.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">  </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prime Rate</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The indicative interest rate on loans that banks quote to their best commercial customers.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Principal and Interest</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term used to refer to regularly scheduled payments or prepayments of principal and payments of interest on a mortgage or other security.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">R</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Rate Reset</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The adjustment of the interest rate on a floating-rate security according to a prescribed formula.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Investment Trust (&#8220;REIT&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A special purpose investment vehicle that provides investors with the ability to participate directly in the ownership or financing of real-estate related assets by pooling their capital to purchase and manage mortgage loans and/or income property.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recourse Debt</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Debt on which the economic borrower is obligated to repay the entire balance regardless of the value of the pledged collateral. By contrast, the economic borrower&#8217;s obligation to repay non-recourse debt is limited to the value of the pledged collateral. Recourse debt consists of repurchase agreements, other secured financing and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles and participations issued are non-recourse to us and are excluded from this measure.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reinvestment Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risk that interest income or principal repayments will have to be reinvested at lower rates in a declining rate environment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Re-Performing Loan (&#8220;RPL&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A type of loan in which payments were previously delinquent by at least 90 days but have resumed.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Repurchase Agreement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sale of securities to investors with the agreement to buy them back at a higher price after a specified time period; a form of short-term borrowing. For the party on the other end of the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">transaction (buying the security and agreeing to sell in the future) it is a reverse repurchase agreement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Residential Credit Securities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to CRT securities and non-Agency mortgage-backed securities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Residential</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to Agency mortgage-backed securities, CRT securities and non-Agency mortgage-backed securities.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Residual</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In  securitizations, the residual is the tranche that collects any cash flow from the collateral that remains after obligations to the other tranches have been met.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Return on Average Equity</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Calculated by taking earnings divided by average stockholders&#8217; equity.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reverse Repurchase Agreement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to Repurchase Agreement. The buyer of securities effectively provides a collateralized&#160;loan to the seller.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risk Appetite Statement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Defines the types and levels of risk we are willing to take in order to achieve our business objectives, and reflects our risk management philosophy.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">74</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">S</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Secondary Market</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ongoing market for bonds previously offered or sold in the primary market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Secured Overnight Financing Rate (&#8220;SOFR&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Broad measure of the cost of borrowing cash overnight collateralized by Treasury securities and was chosen by the Alternative Reference Rate Committee as the preferred benchmark rate to replace dollar LIBOR.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Settlement Date</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The date securities must be delivered and paid for to complete a transaction.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Short-Term Debt</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generally, debt which matures in one year or less. However, certain securities that mature in up to three years may be considered short-term debt.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spread</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When buying or selling a bond through a brokerage firm,  investors will be charged a commission or spread, which is the difference between the market price and cost of purchase, and sometimes a service fee. Spreads differ based on several factors including liquidity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">T</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Includes Agency mortgage-backed securities, to-be-announced forward contracts, CRT securities, MSR, non-Agency mortgage-backed securities, residential mortgage loans, and commercial real estate investments.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tangible Economic Return</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refers to the Company&#8217;s change in tangible book value (calculated by summing common stock, additional paid-in capital, accumulated other comprehensive income (loss) and accumulated deficit less intangible assets) plus dividends declared divided by the prior period&#8217;s tangible book value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Taxable REIT Subsidiary (&#8220;TRS&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An entity that is owned directly or indirectly by a REIT and has jointly elected with the REIT to be treated as a TRS for tax purposes. Annaly and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as TRSs.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Term SOFR</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term secured overnight financing rate published by the Chicago Mercantile Exchange, which is used as a benchmark for financial transactions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">To-Be-Announced (&#8220;TBA&#8221;) Securities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A contract for the purchase or sale of a mortgage-backed security to be delivered at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date but does not include a specified pool number and number of pools.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TBA Dollar Roll Income</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TBA dollar roll income is defined as the difference in price between two TBA contracts with the same terms but different settlement dates. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the &#8220;drop&#8221;. TBA dollar roll income represents the equivalent of interest income on the underlying security less an implied cost of financing.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Return</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investment performance measure over a stated time period which includes coupon interest, interest on interest, and any realized and unrealized gains or losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total Return Swap</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A derivative instrument where one party makes payments at a predetermined rate (either fixed or variable) while receiving a return on a specific asset (generally an equity index, loan or bond) held by the counterparty.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">U</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Unencumbered Assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assets on our balance sheet which have not been pledged as collateral against an existing liability.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Enterprise (&#8220;GSE&#8221;) Obligations</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Obligations of Agencies originally established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress, such as Fannie Mae and Freddie Mac; these obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">V</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Value-at-Risk (&#8220;VaR&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A statistical technique which measures the potential loss in value of an asset or portfolio over a defined period for a given confidence interval.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Variable Interest Entity (&#8220;VIE&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.</span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">75</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2. Management&#8217;s Discussion and Analysis </span></div></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Variation Margin</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash or securities provided by a party to collateralize its obligations under a transaction as a result of a change in value of such transaction since the trade was executed or the last time collateral was provided.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Volatility</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A statistical measure of the variance of price or yield over time. Volatility is low if the price does not change very much over a short period of time, and high if there is a greater change.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Voting Interest Entity (&#8220;VOE&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An entity that has sufficient equity to finance its activities without additional subordinated financial support from other parties and in which equity investors have a controlling financial interest.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">W</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Warehouse Lending</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A line of credit extended to a loan originator to fund mortgages extended by the loan originators to property purchasers. The loan typically lasts from the time the mortgage is originated to when the mortgage is sold into the secondary market, whether directly or through a securitization.&#160; Warehouse lending can provide liquidity to the loan origination market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted Average Coupon</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted average interest rate of the underlying mortgage loans or pools that serve as collateral for a security, weighted by the size of the principal loan balances.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted Average Life (&#8220;WAL&#8221;)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The assumed weighted average amount of time that will elapse from the date of a security&#8217;s issuance until each dollar of principal is repaid to the investor. The WAL will change as the security ages and depending on the actual realized rate at which principal, scheduled and unscheduled, is paid on the loans underlying the MBS.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.685%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Y</span></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Yield-to-Maturity</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The expected rate of return of a bond if it is held to its maturity date; calculated by taking into account the current market price, stated redemption value, coupon payments and time to maturity and assuming all coupons are reinvested at the same rate; equivalent to the internal rate of return.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">76</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_358"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quantitative and qualitative disclosures about market risk are contained within the section titled &#8220;Risk Management&#8221; of  Item 2. &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221;</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_361"></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 4. CONTROLS AND PROCEDURES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our management, including our Chief Executive Officer (the CEO) and Chief Financial Officer (the CFO), reviewed and evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act) as of the end of the period covered by this report.&#160;Based on that review and evaluation, the CEO and CFO have concluded that our current disclosure controls and procedures, as designed, (1) were effective in ensuring that information required to be disclosed by the Company in reports it files or submits under the Securities Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure and (2) were effective in ensuring that information required to be disclosed by the Company in reports it files or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC&#8217;s rules and forms.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no changes in our internal controls over financial reporting that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_364"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div></div><div style="text-align:center"><span style="color:#00316c;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">PART II - OTHER INFORMATION</span></div><div style="text-align:center"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_367"></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 1. LEGAL PROCEEDINGS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, we are involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, we were not party to any pending material legal proceedings.</span></div><div style="margin-bottom:6pt"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_370"></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 1A. RISK FACTORS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no material changes to the risk factors disclosed in Item 1A. &#8220;Risk Factors&#8221; of our most recent annual report on Form 10-K. The materialization of any risks and uncertainties identified in our Special Note Regarding Forward-Looking Statements contained in this report together with those previously disclosed in our most recent annual report on Form 10-K or those that are presently unforeseen could result in significant adverse effects on our financial condition, results of operations and cash flows. See Item 2. &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations &#8211; Special Note Regarding Forward-Looking Statements&#8221; in this quarterly report or our most recent annual report on Form 10-K.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_373"></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2025, we announced that our Board authorized the repurchase of up to $1.5&#160;billion of our outstanding common shares through December 31, 2029 (the &#8220;Current Common Stock Repurchase Program&#8221;). No shares were repurchased with respect to this share repurchase program during the quarter ended March 31, 2025. As of March 31, 2025, the maximum dollar value of shares that may yet be repurchased under this program was $1.5&#160;billion.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.029%"><tr><td style="width:1.0%"/><td style="width:20.284%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.361%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.053%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.902%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div id="i3de122f22f784b6a9a44350d49aac173_376"></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 5. OTHER INFORMATION</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><ix:nonNumeric contextRef="c-1" name="ecd:MtrlTermsOfTrdArrTextBlock" id="f-1871" escape="true"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter ended March 31, 2025, no director or officer of the Company <ix:nonNumeric contextRef="c-1" name="ecd:NonRule10b51ArrAdoptedFlag" format="ixt:fixed-false" id="f-1872">adopted</ix:nonNumeric>, modified or <ix:nonNumeric contextRef="c-1" name="ecd:Rule10b51ArrTrmntdFlag" format="ixt:fixed-false" id="f-1873"><ix:nonNumeric contextRef="c-1" name="ecd:NonRule10b51ArrTrmntdFlag" format="ixt:fixed-false" id="f-1874">terminated</ix:nonNumeric></ix:nonNumeric> any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, each as defined in Item 408 of Regulation S-K, except as set forth below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:18.052%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.367%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.094%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Name and Title</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Date of Adoption of Rule 10b5-1 Trading Plan</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Duration of 10b5-1 Trading Arrangements</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Aggregate Number of Securities to be Purchased or Sold</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-461" name="ecd:TrdArrIndName" id="f-1875">Steven F. Campbell</ix:nonNumeric>, <ix:nonNumeric contextRef="c-461" name="ecd:TrdArrIndTitle" id="f-1876">President and Chief Operating Officer</ix:nonNumeric></span></div></td><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-461" name="ecd:Rule10b51ArrAdoptedFlag" format="ixt:fixed-true" id="f-1877"><ix:nonNumeric contextRef="c-461" name="ecd:TrdArrAdoptionDate" id="f-1878">February 5, 2025</ix:nonNumeric></ix:nonNumeric></span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May&#160;13, 2025 - <ix:nonNumeric contextRef="c-462" name="ecd:TrdArrExpirationDate" id="f-1879">June&#160;17, 2025</ix:nonNumeric></span></div></td><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-463" decimals="INF" name="ecd:TrdArrSecuritiesAggAvailAmt" format="ixt:num-dot-decimal" scale="0" id="f-1880">44,374</ix:nonFraction></span></div></td></tr><tr style="height:15pt"><td colspan="3" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August&#160;4, 2025 - <ix:nonNumeric contextRef="c-464" name="ecd:TrdArrExpirationDate" id="f-1881">September&#160;17, 2025</ix:nonNumeric></span></div></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-465" name="ecd:TrdArrIndName" id="f-1882">Serena Wolfe</ix:nonNumeric>, </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-465" name="ecd:TrdArrIndTitle" id="f-1883">Chief Financial Officer</ix:nonNumeric></span></div></td><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-465" name="ecd:TrdArrAdoptionDate" id="f-1884"><ix:nonNumeric contextRef="c-465" name="ecd:Rule10b51ArrAdoptedFlag" format="ixt:fixed-true" id="f-1885">February 6, 2025</ix:nonNumeric></ix:nonNumeric></span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May&#160;13, 2025 - <ix:nonNumeric contextRef="c-466" name="ecd:TrdArrExpirationDate" id="f-1886">June&#160;17, 2025</ix:nonNumeric></span></div></td><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-467" decimals="INF" name="ecd:TrdArrSecuritiesAggAvailAmt" format="ixt:num-dot-decimal" scale="0" id="f-1887">25,386</ix:nonFraction></span></div></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August&#160;4, 2025 - <ix:nonNumeric contextRef="c-468" name="ecd:TrdArrExpirationDate" id="f-1888">September&#160;17, 2025</ix:nonNumeric></span></div></td></tr></table></div></ix:nonNumeric><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Current At-The-Market Sales Program</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 8, 2025, we entered into separate Distribution Agency Agreements (collectively, the &#8220;Sales Agreements&#8221;) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &amp; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &amp; Woods, Inc., Morgan Stanley &amp; Co., LLC, Piper Sandler &amp; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (the &#8220;Sales Agents&#8221;), which terminated and replaced the Prior Sales Agreements. Under the terms of the Sales Agreements, we may offer and sell shares of our common stock, having an aggregate offering price of up to $2.0 billion (the &#8220;Shares&#8221;), from time to time through any of the Sales Agents.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Sales Agreements, the Shares may be offered and sold through the Sales Agents in transactions deemed to be &#8220;at-the-market&#8221; offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the Sales Agreements, each Sales Agent (at the Company&#8217;s election) will use commercially reasonable efforts consistent with its normal sales and trading practices to sell the Shares as directed by the Company. Under the Sales Agreements, the Company will pay each of the Sales Agents a commission that will not exceed, but may be lower than, 1.25% of the gross sales price per share of Shares sold through it. The Sales Agreements contain customary representations, warranties and agreements of the Company, and customary conditions to completing future sale transactions, indemnification rights and obligations of the parties and termination provisions.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">78</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shares sold under the Sales Agreements, if any, will be issued pursuant to the Company&#8217;s automatic shelf registration statement on Form S-3 (No. 333-282261), including the prospectus, dated September 20, 2024, and the prospectus supplement, dated May 8, 2025, as the same may be amended or supplemented.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing description of the Sales Agreements is not complete and is qualified in its entirety by reference to the entire Sales Agreements, copies of which are attached hereto as Exhibits 1.1 through 1.13, inclusive, and which are incorporated herein by reference. A copy of the opinion of Venable LLP relating to the legality of the issuance and sale of the Shares is attached hereto as Exhibit 5.1.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_382"></div><div style="-sec-extract:summary;margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">ITEM 6. EXHIBITS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibits:</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exhibits required by this item are set forth on the Exhibit Index attached hereto.&#160;</span></div><div><span><br/></span></div><div id="i3de122f22f784b6a9a44350d49aac173_385"></div><div style="-sec-extract:summary;margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:83.674%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit Number</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit Description</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabarclaysexhibit11.htm">1.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabarclaysexhibit11.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Barclays Capital Inc.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabnpexhibit12.htm">1.2</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabnpexhibit12.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and BNP Paribas Securities Corp.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabofaexhibit13.htm">1.3</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabofaexhibit13.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and BofA Securities, Inc.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabtigexhibit14.htm">1.4</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daabtigexhibit14.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and BTIG, LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daacitizensjmpexhibit15.htm">1.5</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daacitizensjmpexhibit15.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Citizens JMP Securities, LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daagsexhibit162.htm">1.6</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daagsexhibit162.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Goldman Sachs &amp; Co. LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daajpmexhibit17.htm">1.7</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daajpmexhibit17.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and J.P. Morgan Securities LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daakbwexhibit18.htm">1.8</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daakbwexhibit18.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Keefe, Bruyette &amp; Woods, Inc.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daamsexhibit19.htm">1.9</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daamsexhibit19.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Morgan Stanley &amp; Co. LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daapipersandlerexhibit110.htm">1.10</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daapipersandlerexhibit110.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Piper Sandler &amp; Co.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0e32e1;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daarbcexhibit111.htm">1.11</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daarbcexhibit111.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and RBC Capital Markets, LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daaubsexhibit112.htm">1.12</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daaubsexhibit112.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and UBS Securities LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">79</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="-sec-extract:summary;margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:83.674%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daawellsexhibit113.htm">1.13</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="daawellsexhibit113.htm">Distribution Agency Agreement, dated May 8, 2025, by and among Annaly Capital Management, Inc. and Wells Fargo Securities, LLC.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="venableexhibit512.htm">5.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="venableexhibit512.htm">Opinion of Venable LLP.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="venableexhibit512.htm">23.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="venableexhibit512.htm">Consent of Venable LLP (included in Exhibit 5.1)</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit311.htm">31.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit311.htm">Certification of David L. Finkelstein, Chief Executive Officer and Co-Chief Investment Officer (Principal Executive Officer) of the Registrant, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit312.htm">31.2</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit312.htm">Certification of Serena Wolfe, Chief Financial Officer (Principal Financial Officer) of the Registrant, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit321.htm">32.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit321.htm">Certification of David L. Finkelstein, Chief Executive Officer and Co-Chief Investment Officer (Principal Executive Officer) of the Registrant, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. </a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit322.htm">32.2</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="a2025q1nlyexhibit322.htm">Certification of Serena Wolfe, Chief Financial Officer (Principal Financial Officer) of the Registrant, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> &#8224;</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.INS XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The instance document does not appear in the interactive data file because its Extensible Business Reporting Language (XBRL) tags are embedded within the Inline XBRL document. The following documents are formatted in Inline XBRL: (i) Consolidated Statements of Financial Condition at March 31, 2025 (Unaudited) and December 31, 2024 (Derived from the audited Consolidated Statement of Financial Condition at December 31, 2024); (ii) Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three months ended March 31, 2025 and 2024; (iii) Consolidated Statements of Stockholders&#8217; Equity (Unaudited) for the three months ended March 31, 2025 and 2024; (iv) Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024; and (v) Notes to Consolidated Financial Statements (Unaudited).</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.SCH XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxonomy Extension Schema Document &#8224;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.CAL XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxonomy Extension Calculation Linkbase Document &#8224;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.DEF XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional Taxonomy Extension Definition Linkbase Document Created &#8224;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.LAB XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxonomy Extension Label Linkbase Document &#8224;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.PRE XBRL</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxonomy Extension Presentation Linkbase Document &#8224;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The cover page for the Registrant&#8217;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (formatted in Inline XBRL and contained in Exhibit 101).</span></div></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8224;     Submitted electronically herewith.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">80</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div></div><div id="i3de122f22f784b6a9a44350d49aac173_388"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</span></div><div style="margin-bottom:6pt"><span><br/></span></div></div><div style="margin-bottom:3pt;margin-top:12pt;text-align:center"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-bottom:3pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:7.111%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.386%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.668%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:47.435%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ANNALY CAPITAL MANAGEMENT, INC.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dated:</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 8, 2025</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> /s/ David L. Finkelstein</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">David L. Finkelstein</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Executive Officer, Co-Chief Investment Officer and Director (Principal Executive Officer)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dated:&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">May 8, 2025</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"> /s/ Serena Wolfe</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Serena Wolfe</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</span></td></tr></table></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:10pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">II-1</span></div></div></div></body></html>
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<title>Document</title></head><body><div id="i69a8a63e1f334c79bcb6c049f6ad8a8a_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Barclays Capital Inc.<br>745 Seventh Avenue</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10019</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Barclays Capital Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention&#58; Syndicate Registration, facsimile number&#58; (646) 834-8133, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i69a8a63e1f334c79bcb6c049f6ad8a8a_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">BARCLAYS CAPITAL INC.<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Warren Firmer&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Warren Firmer<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font><br></font></div></div></div><div id="i69a8a63e1f334c79bcb6c049f6ad8a8a_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="icea01d54a30d4edd8933bcf8e61c0c10_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">BNP Paribas Securities Corp.<br>787 Seventh Avenue</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10019</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with BNP Paribas Securities Corp. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, Attention&#58;  Robert McDonald, Phone&#58; (646) 342-0756, Email&#58;  dl.nyk.ste&#64;us.bnpparibas.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="icea01d54a30d4edd8933bcf8e61c0c10_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">BNP PARIBAS SECURITIES CORP.<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Robert McDonald&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Robert McDonald<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="icea01d54a30d4edd8933bcf8e61c0c10_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i47e758cecd5b4e5e9ce43d067fd4792b_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">BofA Securities, Inc.<br>One Bryant Park</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10036</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with BofA Securities, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention&#58;  ATM Execution, Email&#58; dg.atm_execution&#64;bofa.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  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Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">BOFA SECURITIES, INC.<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Ryan Willingham&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Ryan Willingham<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i47e758cecd5b4e5e9ce43d067fd4792b_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="iaf555a15f4294633ba32e99158020c7e_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">BTIG, LLC<br>65 East 55th Street, <br>New York, NY 10022</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with BTIG, LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the Registration Statement did not and will not, at or during such times, contain an untrue statement </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus present fairly the information shown therein </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated hereby will not conflict with, or result in any breach of, constitute a default under </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to BTIG, LLC, 65 East 55th Street, New York, NY 10022, Email&#58; BTIGUSATMTrading&#64;btig.com, with a copy (which shall not constitute notice) to&#58; General Counsel and Chief Compliance Officer (IBLegal&#64;btig.com, BTIGcompliance&#64;btig.com), and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">understanding and agreement to that effect.  The Company and the Sales Agent agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  </font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="iaf555a15f4294633ba32e99158020c7e_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">BTIG, LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Michael Passaro&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Michael Passaro<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="iaf555a15f4294633ba32e99158020c7e_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="ic04cd24e1bcd40198b68002c036d30f3_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Citizens JMP Securities, LLC<br>101 California Street</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">San Francisco, California 94111</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Citizens JMP Securities, LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Citizens JMP Securities, LLC, 101 California Street, Suite 1700, San Francisco, California 94111, Attention&#58;  Trading (Aidan Whitehead, Email&#58;  aidan.p.whitehead&#64;citizensbank.com&#59; Todd Leone, Email&#58;  todd.leone&#64;citizensbank.com)&#59; Attention&#58;  Compliance (Ken Murai, Email&#58;  ken.murai&#64;citizensbank.com)&#59; Attention&#58;  Legal (Walter Conroy, Email&#58;  walter.conroy&#64;citizensbank.com)&#59; Attention&#58;  Banking (Mark Timperman, Email&#58;  mark.o.timperman&#64;citizensbank.com&#59; Tyler Gallen, Email&#58;  tyler.gallen&#64;citizensbank.com), and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="ic04cd24e1bcd40198b68002c036d30f3_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CITIZENS JMP SECURITIES, LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Mark Timperman&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Mark Timperman<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="ic04cd24e1bcd40198b68002c036d30f3_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i825e255e943e495e8bde85031c51b9bb_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Goldman Sachs &#38; Co. LLC<br>200 West Street</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10282</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Goldman Sachs &#38; Co. LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Goldman Sachs &#38; Co. LLC, 200 West Street, New York, New York 10282, Attention&#58;  Erich Bluhm and Andrew Fry, Phone&#58; (212) 357-8664, (212) 357-6436, Facsimile number&#58; (212)&#160;291-5027, Email&#58; erich.bluhm&#64;gs.com, andrew.x.fry&#64;gs.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450&#160;Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">understanding and agreement to that effect.  The Company and the Sales Agent agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i825e255e943e495e8bde85031c51b9bb_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">GOLDMAN SACHS &#38; CO. LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Erich Bluhm&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Erich Bluhm<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i825e255e943e495e8bde85031c51b9bb_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="id285f3a2f66b463fa71437af95465af5_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">J.P. Morgan Securities LLC<br>383 Madison Avenue</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10179</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with J.P. Morgan Securities LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to J.P. Morgan Securities LLC, 383 Madison Avenue, 6th Floor, New York, New York 10179, Attention&#58; Sanjeet Dewal, Facsimile&#58; (212) 622-8783, Email&#58; sanjeet.s.dewal&#64;jpmorgan.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="id285f3a2f66b463fa71437af95465af5_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">J.P. MORGAN SECURITIES LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Sanject Dewal&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Sanject Dewal<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="id285f3a2f66b463fa71437af95465af5_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="id263c4890d0b41ac8473db47a0aea5c8_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Keefe, Bruyette &#38; Woods, Inc.<br>787 Seventh Avenue, 5th Floor </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10019</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Keefe, Bruyette &#38; Woods, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Keefe, Bruyette &#38; Woods, Inc., 787 Seventh Avenue, 5th Floor, New York, New York 10019, Attention&#58;  General Counsel, Email&#58;  NewYork7thAve-KBW-Legal&#64;stifel.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="id263c4890d0b41ac8473db47a0aea5c8_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">KEEFE, BRUYETTE &#38; WOODS, INC.<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Edward B. Conway&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Edward B, Conway<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="id263c4890d0b41ac8473db47a0aea5c8_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i9bd5811ab5ba4ce4b11a6f084206f39c_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Morgan Stanley &#38; Co. LLC<br>1585 Broadway</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10036</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Morgan Stanley &#38; Co. LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Piper Sandler &#38; Co., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Morgan Stanley &#38; Co. LLC, 1585 Broadway, New York, New York 10036, Attention&#58;  Jyri Wilska (Email&#58;  jyri.wilska&#64;morganstanley.com) and Mike O&#8217;Byrne (Email&#58;  mike.o'byrne&#64;morganstanley.com), and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  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Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">MORGAN STANLEY &#38; CO. LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Michael O'Byrne&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Michael O'Byrne<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Executive Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i9bd5811ab5ba4ce4b11a6f084206f39c_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i1c91e8107ecb4f96884ad7c4459ee795_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Piper Sandler &#38; Co.<br>U.S. Bancorp Center</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">800 Nicollet Mall</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Minneapolis, Minnesota 55402</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Piper Sandler &#38; Co. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">than three years prior to the date hereof, in conformity with the requirements of the Act, and the rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Shares, will comply, in all material respects, with the requirements of the Act, and the Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">stated therein).  The selected financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">securities or obligations convertible into or exchangeable for, or any contracts or commitments to issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Effect, in the business, properties or assets described or referred to in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Piper Sandler &#38; Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota 55402, Attention&#58;  Connor Leahey, Email&#58;  connor.leahey&#64;psc.com&#59; Attention&#58;  Neil&#160;A. Riley, Email&#58;  neil.riley&#64;psc.com&#59; Attention&#58;  Connor N. Anderson, Email&#58;  connor.anderson&#64;psc.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">understanding and agreement to that effect.  The Company and the Sales Agent agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  </font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i1c91e8107ecb4f96884ad7c4459ee795_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PIPER SANDLER &#38; CO.<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Connor Leahey&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Connor Leahey<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i1c91e8107ecb4f96884ad7c4459ee795_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i6c01a9bec7e84f5cb80886724836c99c_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">RBC Capital Markets, LLC<br>200 Vesey Street</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Three World Financial Center, 8th Floor</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10281</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with RBC Capital Markets, LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., UBS Securities LLC and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">than three years prior to the date hereof, in conformity with the requirements of the Act, and the rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Shares, will comply, in all material respects, with the requirements of the Act, and the Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">stated therein).  The selected financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">securities or obligations convertible into or exchangeable for, or any contracts or commitments to issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Effect, in the business, properties or assets described or referred to in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Investment Company Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ao)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">To the Company&#8217;s knowledge, no relationship, direct or indirect, exists between or among the Company or any subsidiary, on the one hand, and the officers, 10% stockholders or directors of the Company or any subsidiary, on the other hand, which is required by the rules of FINRA to be described in the Registration Statement and the Prospectus which is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ap)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has not, directly or indirectly, including through any subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aq)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention&#58;  TJ Opladen, facsimile number&#58; (212) 428-6260, Email&#58;  tj.opladen&#64;rbccm.com, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font><br></font></div></div></div><div id="i6c01a9bec7e84f5cb80886724836c99c_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">RBC CAPITAL MARKETS, LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; J.T. Deignan&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;J.T. Deignan<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="i6c01a9bec7e84f5cb80886724836c99c_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="ia4c308ddaa7b4baeb41a7ce20895e3bd_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">UBS Securities LLC<br>11 Madison Avenue</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10010</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with UBS Securities LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC, and Wells Fargo Securities, LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to UBS Securities LLC, 11 Madison Avenue, New York, New York 10010, Attention&#58; Syndicate (Jesse O&#8217;Neill, Email&#58;  jesse.o-neill&#64;ubs.com&#59; Charles Heaney, Email&#58;  charles.heaney&#64;ubs.com), and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="ia4c308ddaa7b4baeb41a7ce20895e3bd_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UBS SECURITIES LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Jesse O'Neill&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Jesse O'Neill<br>&#160;&#160;&#160;&#160;Title&#58; Executive Director&#160;&#160;&#160;&#160;<br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Charles Heaney&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Charles Heaney<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="ia4c308ddaa7b4baeb41a7ce20895e3bd_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="idf40ce4c6d554c9c8a0a3bac4dfe7d9c_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Execution Version</font></div><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Shares of Common Stock<br>(par value $0.01 per share)</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">DISTRIBUTION AGENCY AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Wells Fargo Securities, LLC<br>500 West 33rd Street</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">New York, New York 10001</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc., a Maryland corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), agrees with Wells Fargo Securities, LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sales Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through the Sales Agent, as sales agent and&#47;or principal, shares of its common stock, par value $0.01 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), on the terms set forth in this agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company is concurrently entering into separate distribution agency agreements (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), each dated of even date herewith, with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., BTIG, LLC, Citizens JMP Securities, LLC, Goldman Sachs &#38; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &#38; Woods, Inc., Morgan Stanley &#38; Co, LLC, Piper Sandler &#38; Co., RBC Capital Markets, LLC and UBS Securities LLC (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Alternative Agent</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,&#8221; and together with the Sales Agent, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Agents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), to issue and sell from time to time through each Alternative Agent, as sales agent and&#47;or principal, shares of the Company&#8217;s Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on the terms set forth in the Alternative Agreements. This Agreement and the Alternative Agreements are collectively referred to herein as the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Distribution Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.&#8221;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Description of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company proposes to issue and sell through or to the Sales Agent, as sales agent and&#47;or principal, the Shares on the terms set forth in Section&#160;4 of this Agreement.  The Company agrees that whenever it determines to sell the Shares directly to the Sales Agent as principal, it will enter into a separate agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Terms Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance satisfactory to the Sales Agent, relating to such sale in accordance with Section&#160;4 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Representations and Warranties of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company represents and warrants to and agrees with the Sales Agent that&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">An &#8220;automatic shelf registration statement&#8221; (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">registration statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) as defined in Rule&#160;405 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), on Form&#160;S-3 (File No.&#160;333-282261) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">rules and regulations of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) thereunder (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rules and Regulations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  The registration statement contains certain information concerning the offering and sale of the Common Stock, including the Shares, and contains additional information concerning the Company and its business&#894; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement (as defined below), and no proceeding for that purpose or pursuant to Section&#160;8A of the Act has been instituted or, to the Company&#8217;s knowledge, threatened by the Commission.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Registration Statement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s effectiveness  for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, as well as any new registration statement, post-effective amendment or new automatic shelf registration statement as may have been filed pursuant to Section&#160;5(f) or (g) of this Agreement, including (1)&#160;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&#160;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&#160;424(b) under the Act, to the extent such information is deemed, pursuant to Rule&#160;430B or Rule&#160;430C under the Act, to be part of the registration statement at the time of such registration statement&#8217;s effectiveness for purposes of Section&#160;11 of the Act, as such section applies to the Sales Agent, and (3)&#160;any registration statement filed to register the offer and sale of Shares pursuant to Rule&#160;462(b) under the Act.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Basic Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the prospectus filed as part of each Registration Statement, together with any amendments or supplements thereto as of the date of this Agreement.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus Supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule&#160;424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), or if after such date, the most recently filed final prospectus supplement relating to the Shares, in the form furnished by the Company to the Sales Agent in connection with the offering of the Shares.  Except where the context otherwise requires, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prospectus</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.  &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Permitted Free Writing Prospectuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; as used herein, means the documents listed on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.  Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Incorporated Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.  Any reference herein to the terms &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amend</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">,&#8221; &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">supplement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exchange Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each deemed effective date with respect to the Sales Agent pursuant to Rule&#160;430(B)(f)(2) of the Act, at each Settlement Date (as defined in Section&#160;4(a)(vi) hereof), and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act, and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Registration Statement did not and will not, at or during such times, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; the conditions to the use of Form&#160;S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied&#894; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule&#160;415 under the Act (including, without limitation, Rule&#160;415(a)(5))&#894; the Basic Prospectus complied or will comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Time of Sale</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), at each Settlement Date and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Act&#894; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends on each Settlement Date did or will the Basic Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; the Prospectus will comply, as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Settlement Date, and at all times during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, in all material respects, with the requirements of the Act (including, without limitation, Section&#160;10(a) of the Act)&#894; at no time during the period that begins on the date of the Prospectus Supplement and ends at the later of each Settlement Date and the end of the period during which a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, either alone or together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at each Settlement Date did or will any Permitted Free Writing Prospectus include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading&#894; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Sales Agent and furnished in writing by or on behalf of the Sales Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free Writing Prospectus&#894; each Incorporated Document, at the time such document was filed with the Commission or at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;At the time of filing of the Registration Statement, (ii)&#160;at the time of the most recent amendment thereto for the purposes of complying with Section&#160;10(a)(3) of the Act or otherwise (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&#160;13 or 15(d) of the Exchange Act or form of prospectus), (iii)&#160;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#160;163(c) of the Act) made any offer relating to the Shares in reliance on the exemption of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rule&#160;163 of the Act and (iv)&#160;at the date hereof, the Company is a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 of the Act (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Rule&#160;405</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), including not having been and not being an &#8220;ineligible issuer&#8221; as defined by Rule&#160;405.  The Registration Statement is an &#8220;automatic shelf registration statement,&#8221; as defined in Rule&#160;405, and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule&#160;405 &#8220;automatic shelf registration statement.&#8221;  The Company has not received from the Commission any notice pursuant to Rule&#160;401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares&#894; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule&#160;163 or with Rules&#160;164 and 433 under the Act&#894; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule&#160;433(d) under the Act, filed with the Commission), the sending or giving, by the Sales Agent, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule&#160;164 or Rule&#160;433 (without reliance on subsections&#160;(b), (c) and (d) of Rule&#160;164)&#894; the conditions set forth in one or more of subclauses&#160;(i) through (iv), inclusive, of Rule&#160;433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule&#160;433 or Rule&#160;431 under the Act, satisfies the requirements of Section&#160;10 of the Act&#894; neither the Company nor the Sales Agent is disqualified, by reason of subsection&#160;(f) or (g) of Rule&#160;164 under the Act, from using, in connection with the offer and sale of the Shares, &#8220;free writing prospectuses&#8221; (as defined in Rule&#160;405 under the Act) pursuant to Rules&#160;164 and 433 under the Act&#894; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule&#160;405 under the Act) as of the eligibility determination date for purposes of Rules&#160;164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement&#894; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule&#160;433 under the Act) related to the offering of the Shares contemplated hereby is solely the property of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or as of the Company&#8217;s then most recently completed quarter or fiscal year, contained in the Company&#8217;s quarterly report on Form&#160;10-Q or the Company&#8217;s annual report on Form&#160;10-K, as applicable, at the indicated date, and there has been no material change in such information since the Company&#8217;s then most recently completed quarter or fiscal year (subject to the issuance of shares of Common Stock upon exercise of stock options and warrants disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus and the Prospectus).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The consolidated financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurate in all material respects and fairly present the financial condition of the Company on a consolidated basis as of the dates indicated and the results of operations, changes in financial position, stockholders&#8217; equity and cash flows for the periods therein specified are in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The selected financial and statistical data included or incorporated by reference </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  No other financial statements are required to be set forth or to be incorporated by reference in the Registration Statement or the Prospectus under the Act.  The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Prospectus and any Permitted Free Writing Prospectus delivered to the Sales Agent for use in connection with this offering will be, identical to the versions of the Prospectus and any Permitted Free Writing Prospectus, respectively, created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation&#160;S-T.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and each of its subsidiaries has been duly formed or, if a corporation, incorporated and is validly existing as a limited liability company, limited partnership or corporation in good standing under the laws of the state of its formation or incorporation, as applicable, is duly qualified to do business and is in good standing as a foreign limited liability company, limited partnership or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or assets or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, assets, properties, prospects, financial condition or results of operation of the Company and its subsidiaries taken as a whole (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company Material Adverse Effect</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and has full limited liability company, limited partnership or corporate, as applicable, power and authority necessary to own, hold, lease and&#47;or operate its assets and properties, to conduct the business in which it is engaged and as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and to enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the Company and its subsidiary Arcola Securities, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Arcola</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) are each in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company has no &#8220;significant subsidiaries&#8221; (as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act), and has no other subsidiaries except as (i)&#160;set forth in Exhibit&#160;21.1 to the Company&#8217;s most recently filed annual report on Form&#160;10-K, (ii)&#160;otherwise disclosed by the Company in the Registration Statement, the Prospectus or the Permitted Free Writing Prospectus, if any, or (iii) would not, individually or in the aggregate, be material to the Company.  Complete and correct copies of the charter and of the bylaws of the Company and all amendments thereto have been delivered to the Sales Agent (or otherwise made available on EDGAR) and, except as set forth in the exhibits to, or incorporated by reference into, the Registration Statement, no changes therein will be made subsequent to the date hereof and prior to each Time of Sale and each Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Company is not in breach of, or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach of or constitute a default under), (i)&#160;its charter or bylaws or (ii)&#160;any obligation, agreement, covenant or condition contained in any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which it or any of its assets or properties may be bound or affected, the effect of which breach or default under this clause&#160;(ii) could have a Company Material Adverse Effect.  The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the transactions </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">contemplated hereby will not conflict with, or result in any breach of, constitute a default under or a Repayment Event (as defined below) under (nor constitute any event which with notice, lapse of time or both would result in any breach of, constitute a default under or a Repayment Event under), (i)&#160;any provision of the charter or bylaws of the Company, (ii)&#160;any provision of any contract, license, repurchase agreement, indenture, mortgage, deed of trust, bank loan or credit agreement, note, lease or other evidence of indebtedness, or any lease, contract or other agreement or instrument to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected, the effect of which could have a Company Material Adverse Effect or (iii)&#160;under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company.  As used herein, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Repayment Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any subsidiary.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All of the issued and outstanding shares of capital stock, including the Common Stock, of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">This Agreement has been duly authorized, executed and delivered by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Reserved.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The capital stock of the Company, including the Shares, conforms and will conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and such description conforms to the rights set forth in the instruments defining the same.  If certificated, the global certificates representing the Shares are in due and proper form and the holders of the Shares will not be subject to personal liability by reason of being such holders.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Shares have been duly and validly authorized by the Company for issuance and sale pursuant to this Agreement and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and will be registered pursuant to Section&#160;12 of the Exchange Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No approval, authorization, consent or order of or filing with any national, state or local governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transaction contemplated hereby other than (i)&#160;registration of the Shares under the Act, (ii)&#160;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Sales Agent and (iii)&#160;such approvals in connection with the approval of the listing of the Shares on the New York Stock Exchange LLC (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">NYSE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No person, as such term is defined in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Act (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), has the right, contractual or otherwise, to cause the Company to issue to it any shares of capital stock or other securities of the Company upon the issue and sale of the Shares to the Sales Agent hereunder, nor does any Person have preemptive rights, co-sale rights, rights of first refusal or other rights to purchase or subscribe for any of the Shares or any securities or obligations convertible into or exchangeable for, or any contracts or commitments to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">issue or sell any of, the Shares or any options, rights or convertible securities or obligations, other than those that have been expressly waived prior to the date hereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Ernst&#160;&#38; Young LLP (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Accountants</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Registration Statement and the Prospectus, are and, during the periods covered by their reports, were independent public accountants as required by the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">Each of the Company and its subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary permits, authorizations, consents and approvals from other Persons, in order to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such as could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, except as such could not have a Company Material Adverse Effect.  Neither the Company nor any of its subsidiaries is in violation of, or in default under, any such license, permit, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of its subsidiaries, the effect of which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The descriptions in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly in all material respects the information required to be shown, and there are no legal or governmental proceedings, contracts, leases or other documents of a character required to be described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, or to be filed as exhibits to the Registration Statement which are not described or filed as required.  All agreements between the Company and third parties expressly referenced in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and except to the extent that any indemnification provision thereof may be limited by public policy considerations in respect thereof.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no actions, suits, claims, investigations, inquiries or proceedings pending or, to the best of the Company&#8217;s knowledge, threatened to which the Company or any of the subsidiaries or any of their respective officers or directors is a party or of which any of its properties or other assets is subject at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which could result in a judgment, decree or order having a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Except as otherwise may be disclosed therein, subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, there has not been (i)&#160;any Company Material Adverse Effect, or any development which would reasonably be expected to cause a Company Material Adverse Effect, in the business, properties or assets described or referred to in the Registration Statement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Prospectus and the Permitted Free Writing Prospectuses, if any, or the results of operations, condition (financial or otherwise), net worth, business, prospects or operations of the Company and its subsidiaries, taken as a whole, (ii)&#160;any transaction which is material to the Company and its subsidiaries, taken as a whole, except transactions in the ordinary course of business, (iii)&#160;any obligation, direct or contingent, which is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or any subsidiary, except obligations incurred in the ordinary course of business, (iv)&#160;any change in the capital stock or, except in the ordinary course of business, outstanding indebtedness of the Company or any subsidiary or (v)&#160;except for regular quarterly dividends on the outstanding shares of preferred stock (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the Common Stock, in amounts per share that are consistent with past practice and the descriptions thereof in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.  There are no contingent obligations that are material to the Company and its subsidiaries, taken as a whole, which are not disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no Persons with registration or other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company (i)&#160;does not have any issued and outstanding preferred stock, other than the shares of Preferred Stock, in such number and series, as are described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, (ii)&#160;has not failed to pay any dividend or sinking fund installment on preferred stock and (iii)&#160;has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect on the financial position of the Company and its subsidiaries, taken as a whole.  The Company has not filed a report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act since the filing of its last annual report on Form&#160;10-K, indicating that it (i)&#160;has failed to pay any dividend or sinking fund installment on the Preferred Stock or (ii)&#160;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long term leases, which defaults would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Neither the Company nor any of its officers, directors and controlling Persons have, directly or indirectly, (i)&#160;taken any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock to facilitate the sale of the Shares, or (ii)&#160;(except pursuant to this Agreement, shares of the Company&#8217;s Common Stock issued pursuant to the Company&#8217;s dividend reinvestment and share purchase plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DRSPP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), as may have been incurred in connection with the Company&#8217;s publicly disclosed repurchase of Common Stock and the retirement of the Company&#8217;s long-term indebtedness) (A)&#160;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares or, (B)&#160;other than as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, during the one hundred eighty (180)&#160;day period preceding the date of this Agreement, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company has applied to have the Shares listed on the NYSE, and the Shares will have been approved for listing on the NYSE as of the time of purchase, subject only to official notice of issuance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">Neither the Company nor any of its affiliates, except for Arcola, (i)&#160;is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&#160;directly or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory Authority, Inc. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FINRA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) any member firm of FINRA.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Any certificate signed by any officer of the Company delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Sales Agent as to the matters covered thereby.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">As of the date of this Agreement, the Company has no plan or intention to materially alter its capital investment policy or investment allocation strategy, both as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is in compliance with its stated capital investment policy and investment allocation strategy.  Each of the Company and its subsidiaries has good and marketable title to all of the properties and assets owned by them, in each case free and clear of any security interests, liens, encumbrances, equities, claims and other defects (except for any security interest, lien, encumbrance or claim that may otherwise exist under any applicable repurchase agreement or loan agreement), except such as do not have a Company Material Adverse Effect and do not interfere with the use made or proposed to be made of such property or asset by the Company or any subsidiary, and except as described in or contemplated by the Registration Statement, the  Prospectus and the Permitted Free Writing Prospectuses, if any.  The Company owns no real property that is material, on an individual basis, to the Company.  Any real property and buildings held under lease by the Company or any subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ad)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has filed all federal and material state and foreign income and franchise tax returns required to be filed on or prior to the date hereof and has paid taxes shown as due thereon (or that are otherwise due and payable), other than taxes which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.  The Company has no knowledge, after due inquiry, of any tax deficiency which has been asserted or threatened against the Company.  To the knowledge of the Company, there are no tax returns of the Company that are currently being audited by federal, state or local taxing authorities or agencies which would have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ae)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company owns or possesses adequate license or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Intangibles</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) necessary to entitle the Company to conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and the Company has not received notice of infringement of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(af)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorizations, (ii)&#160;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability, (iii)&#160;access to assets is </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">permitted only in accordance with management&#8217;s general or specific authorization, (iv)&#160;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v)&#160;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus fairly present the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ag)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule&#160;13a-14 and 15d-14 under the Exchange Act)&#894; such disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&#8217;s Chief Executive Officer and its Chief Financial Officer, and such disclosure controls and procedures are effective to perform the functions for which they were established&#894; any significant material weaknesses in internal controls have been identified for the Company&#8217;s Chief Executive Officer and its Chief Financial Officer&#894; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ah)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged.  The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ai)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, the Company is not in violation, and has not received notice of any violation with respect to, any applicable environmental, safety or similar law applicable to the business of the Company.  The Company has received all permits, licenses or other approvals required of them under applicable federal and state occupational safety and health and environmental laws and regulations to conduct its business, and the Company is in compliance with all terms and conditions of any such permit, license or approval, except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which could not, singly or in the aggregate, have a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aj)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Neither the Company nor any of its subsidiaries has incurred any liability for any finder&#8217;s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Sales Agent pursuant to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ak)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Except as set forth in the Registration Statement, the Prospectus or a Permitted Free Writing Prospectus, there are no existing or threatened labor disputes with the employees of the Company which are likely to have individually or in the aggregate a Company Material Adverse Effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(al)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers and stockholders of the Company, on the other hand, which is required by the Act to be described in the Registration Statement and the Prospectus that is not so described.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(am)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:13.37pt">The Company, since its date of inception, has been, and upon the sale of the Shares will continue to be, organized and operated in conformity with the requirements for </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">10</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">qualification and taxation as a &#8220;real estate investment trust&#8221; (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">REIT</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) under Sections&#160;856 through 860 of the Internal Revenue Code of 1986, as amended and the regulations and published interpretations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Code</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), for all taxable years commencing with its taxable year ended December&#160;31, 1997.  The proposed method of operation of the Company as described in Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code, and no actions have been taken (or not taken which are required to be taken) which would cause such qualification to be lost.  The Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.  The Company has no intention of changing its operations or engaging in activities which would cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(an)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">Neither the Company nor any subsidiary is and, after giving effect to the offering and sale of the Shares, will be required to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New 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Company nor any of the subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the subsidiaries has made any payment of funds of the Company or the subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ar)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.71pt">The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(as)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.04pt">The Common Stock is an &#8220;actively traded security&#8221; excepted from the requirements of Rule&#160;101 of Regulation&#160;M under the Exchange Act by subsection&#160;(c)(1) of such rule.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(at)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.37pt">Other than any Terms Agreement or the Alternative Agreements, the Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative in respect of the Shares and the equity shelf program established by the Distribution Agreements, the terms of which have not been properly and duly waived.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(au)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title&#160;III of the Uniting and Strengthening America by Providing Appropriate Tools Required to intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, and the applicable anti-money </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">11</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Anti-Money Laundering Laws</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(av)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">(A)&#160;&#160;Neither the Company nor any of its subsidiaries, nor any director, officer or employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them, is an individual or entity (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Covered Person</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is, or is owned or controlled by a Covered Person that is&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">OFAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the United Nations Security Council, the European Union, His Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Sanctions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)&#894; nor</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the Kherson, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea region of Ukraine, Cuba, Iran, North Korea, Syria and Venezuelan State-owned entities).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(A)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">The Company will not use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Covered Person&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">to fund or facilitate any activities or business of or with any Covered Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions&#894; or</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">in any other manner that will result in a violation of Sanctions by any Covered Person (including any Covered Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(B)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">The Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Covered Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(C)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:20.02pt">Neither the Company nor any of its subsidiaries, nor any director, officer or, to the Company&#8217;s knowledge, employee thereof, nor, to the Company&#8217;s knowledge, any agent, affiliate or representative of the Company or any of them&#58;  (i)&#160;has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity&#894; (ii)&#160;has made any direct or indirect unlawful contribution or payment to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds&#894; (iii)&#160;has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment&#894; or (iv)&#160;is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">12</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">FCPA</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or any similar law or regulation to which the Company, any of its subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is subject.  The Company, its subsidiaries and their affiliates have each conducted its businesses in compliance with the FCPA and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Sale and Delivery of Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  (a)&#160;&#160;On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Agent, as sales agent, and the Sales Agent agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Sales Agent on any day that (A)&#160;is a trading day for the NYSE (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time), (B)&#160;the Company has instructed the Sales Agent by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) from any of the individuals listed as authorized representatives of the Company on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule&#160;B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Authorized Company Representatives</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) to make such sales and (C)&#160;the Company has satisfied its obligations under Section&#160;8 of this Agreement.  The Company will designate the maximum amount of the Shares to be sold by the Sales Agent daily as agreed to by the Sales Agent and in any event not in excess of the amount available for issuance under the currently effective Registration Statement relating to the sale of up to $2,000,000,000 of Shares as described in the prospectus supplement dated May 8, 2025, or any Registration Statement filed pursuant to Section&#160;5(g),  or in a number in excess of the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Subject to the terms and conditions hereof, the Sales Agent shall use its commercially reasonable efforts to offer and sell all of the Shares designated&#894; provided, however, that the Sales Agent shall have no obligation to offer or sell any Shares, and the Company acknowledges and agrees that the Sales Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment of the Sales Agent constitute the sale of a &#8220;block&#8221; under Rule&#160;10b-18(a)(5) under the Exchange Act or a &#8220;distribution&#8221; within the meaning of Rule&#160;100 of Regulation&#160;M under the Exchange Act or the Sales Agent reasonably believes it may be deemed an &#8220;underwriter&#8221; under the Act in a transaction that is other than by means of ordinary brokers&#8217; transactions between members of the NYSE that qualify for delivery of a Prospectus to the NYSE in accordance with Rule&#160;153 under the Act (such transactions are hereinafter referred to as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">At-the-Market Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:21.36pt">Notwithstanding the foregoing, the Company, through any of the Authorized Company Representatives, may instruct the Sales Agent by telephone </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">13</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction.  In addition, the Company or the Sales Agent may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail) (or as otherwise agreed to by the Company and the Sales Agent), suspend the offering of the Shares&#894; provided, however, that such suspension shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.03pt">The Sales Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section&#160;4(a), other than (A)&#160;by means of At-the-Market Offerings and (B)&#160;such other sales of the Shares on behalf of the Company in its capacity as agent of the Company as shall be agreed by the Company and the Sales Agent.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">The compensation to the Sales Agent, as an agent of the Company, for sales of the Shares shall be up to 1.25% of the gross sales price of the Shares sold pursuant to this Section&#160;4(a) or such lower amount as otherwise mutually agreed upon by the Company and the Sales Agent from time to time.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Net Proceeds</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which the Shares are sold under this Section&#160;4(a) setting forth the amount of the Shares sold on such day, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Settlement for sales of the Shares pursuant to this Section&#160;4(a) will occur on the first business day following the date on which such sales are made or such other date as may be agreed by the Company and the Sales Agent (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Settlement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  On each Settlement Date, the Shares sold through the Sales Agent for settlement on such date shall be issued and delivered by the Company to the Sales Agent against payment of the Net Proceeds for the sale of such Shares.  Settlement for all  such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent to the Sales Agent&#8217;s account, or to the account of the Sales Agent&#8217;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payments in same day funds delivered to the account designated by the Company.  If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A)&#160;indemnify and hold the Sales Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B)&#160;pay the Sales Agent any commission to which it would otherwise be entitled absent such default.  The Authorized Company Representatives shall be the contact persons for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section&#160;4(a)(vi).</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:15.36pt">At each Time of Sale, Settlement Date and Representation Date (as defined in Section&#160;5(q)), the Company shall be deemed to have affirmed each of their respective representations and warranties contained in this Agreement.  Any obligation of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">14</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">the Sales Agent to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&#160;8 of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;If the Company wishes to issue and sell the Shares other than as set forth in Section&#160;4(a) of this Agreement (each, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Placement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), it will notify the Sales Agent of the proposed terms of such Placement.  If the Sales Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, the Sales Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.  In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement will control.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">(i)&#160;&#160;Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement exceed the number of Shares authorized from time to time to be issued and sold under this Agreement by the Company&#8217;s board of directors, or a duly authorized committee thereof, and notified to the Sales Agent in writing.</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">If either party has reason to believe that the exemptive provisions set forth in Rule&#160;101(c)(1) of Regulation&#160;M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Each sale of the Shares to or through the Sales Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any offer, solicitation or sale of the Shares shall be effected by or through only one of the Agents on any single trading day.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Subject to the limitations set forth herein and as may be mutually agreed upon by the Company and the Sales Agent, sales pursuant to this Agreement may not be requested by the Company and need not be made by the Sales Agent during any period in which the Company is or could be deemed to be, in possession of material non-public information.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement at any time during the period from and including the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for a fiscal period or periods (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings Announcement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) through and including the Representation Date that occurs in connection with the Company filing a Quarterly Report on Form&#160;10-Q or an Annual Report on Form&#160;10-K (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Filing Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that includes consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement, unless the Company shall first (i)&#160;prepare and deliver to the Sales Agent (with a copy to counsel for the Sales Agent) a Current Report on Form&#160;8-K that includes substantially the same financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#8217; quotations) (each, an &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Earnings&#160;8-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), in form and substance reasonably satisfactory to the Sales Agent, and, prior to its filing, obtain the written consent of the Sales Agent to such filing (which consent shall not be unreasonably withheld), (ii)&#160;provide the Sales Agent with the officers&#8217; certificates, opinions and letters of counsels and accountants&#8217; letter </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">15</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">specified in Sections&#160;5(q) through 5(u), inclusive, hereof, (iii)&#160;afford the Sales Agent the opportunity to conduct a due diligence review in accordance with Section&#160;5(v) hereof prior to filing such Earnings&#160;8-K and (iv)&#160;file (rather than furnish) such Earnings&#160;8-K with the Commission.  For purposes of clarity, the parties hereto agree that (A)&#160;the delivery of any officers&#8217; certificates, opinions or letters of counsel or accountants&#8217; letter pursuant to this Section&#160;4(g) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&#160;10-Q or Annual Report on Form&#160;10-K, as the case may be, including, without limitation, the obligation to deliver officers&#8217; certificates, opinions and letters of counsel and accountants&#8217; letters as provided in Sections&#160;5(q) through 5(u), inclusive, hereof, and (B)&#160;this Section&#160;4(g) shall in no way affect or limit the operation of Section&#160;4(d) hereof, which shall have independent application.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company acknowledges and agrees that (A)&#160;there can be no assurance that the Sales Agent will be successful in selling the Shares, (B)&#160;the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (C)&#160;the Sales Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Sales Agent and the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Covenants of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">During the period in which a prospectus relating to the Shares is required to be delivered under the Act (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), to notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus has been filed&#894; to prepare and file with the Commission, promptly upon the Sales Agent&#8217;s request, any amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus that, in the Sales Agent&#8217;s reasonable opinion, may be necessary or advisable in connection with the offering of the Shares by the Sales Agent&#894; and to cause each amendment or supplement to the Basic Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule&#160;424(b) of the Act or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly advise the Sales Agent, confirming such advice in writing, of any suspension of the Sales Agent&#8217;s obligations under Rule&#160;15c2-8 under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional information with respect thereto, or of notice of examination, institution of proceedings for, or the entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible&#894; to promptly advise the Sales Agent of any proposal to amend or supplement the Registration Statement, the Basic Prospectus or the Prospectus, and to provide the Sales Agent and its counsel copies of any such documents for review and comment a reasonable amount of time prior to any proposed filing and to file no such amendment or supplement (other than any prospectus supplement relating to the offering of other securities (including, without limitation, the Common Stock)) to which the Sales Agent shall have objected in writing.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">16</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To make available to the Sales Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time to furnish to the Sales Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) as the Sales Agent may request for the purposes contemplated by the Act&#894; in case the Sales Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month period referred to in Section&#160;10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement is required pursuant to Item&#160;512(a) of Regulation&#160;S-K under the Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements of Section&#160;10(a)(3) of the Act or Item&#160;512(a) of Regulation&#160;S-K under the Act, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subject to Section&#160;5(b) hereof, to file promptly all reports and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the Act to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares&#894; and to provide the Sales Agent, for its review and comment, with a copy of such reports and statements and other documents to be filed by the Company pursuant to Section&#160;13, 14 or 15(d) of the Exchange Act during such period a reasonable amount of time prior to any proposed filing, and to file no such report, statement or document to which the Sales Agent shall have objected in writing&#894; and to promptly notify the Sales Agent of such filing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by Rule&#160;456(b)(1) (i)&#160;under the Act (without reliance on the proviso to Rule&#160;456(b)(1)(i) under the Act) and in compliance with Rule&#160;456(b) and Rule&#160;457(r) under the Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">If at any time when Shares remain unsold by the Sales Agent the Company receives from the Commission a notice pursuant to Rule&#160;401(g)(2) under the Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (a)&#160;promptly notify the Sales Agent, (b)&#160;promptly file a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory to the Sales Agent, (c)&#160;use its best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable (if such filing is not otherwise effective immediately pursuant to Rule&#160;462 under the Act) and (d)&#160;promptly notify the Sales Agent of such effectiveness.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the Registration Statement that was the subject of the notice under Rule&#160;401(g)(2) under the Act or for which the Company has otherwise become ineligible.  References herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If immediately prior to the third anniversary (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Renewal Deadline</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) of the initial effective date of the Registration Statement, any of the Shares remain unsold by the Sales Agent, the Company will, prior to the Renewal Deadline file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory to the Sales Agent.  If the Company is not eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form satisfactory to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">17</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, and will use its best efforts to cause such registration statement to be declared effective within 180&#160;days after the Renewal Deadline.  The Company will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated in the expired registration statement.  References herein to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To promptly notify the Sales Agent of the happening of any event that could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during any period during which a prospectus is required to be delivered (whether physically, deemed to be delivered pursuant to Rule&#160;153 or through compliance with Rule&#160;172 under the Act or any similar rule) in connection with any sale of Shares, subject to Section&#160;5(b), to prepare and furnish, at the Company&#8217;s expense, to the Sales Agent promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Sales Agent may designate and to maintain such qualifications in effect so long as required for the distribution of the Shares&#894; provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Shares)&#894; and to promptly advise the Sales Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">To make generally available to its security holders, and to deliver to the Sales Agent, an earnings statement of the Company (which will satisfy the provisions of Section&#160;11(a) of the Act) covering a period of twelve months beginning after the effective date of the Registration Statement (as defined in Rule&#160;158(c) of the Act) as soon as is reasonably practicable after the termination of such twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is defined in Rule&#160;158(c) under the Act).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of Proceeds&#8221; in the Prospectus Supplement or, if not so specified, in the Prospectus, and if not so specified, in the Basic Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">Until the settlement of sale of all Common Stock being offered pursuant to this Agreement, at any time that sales of the Common Stock have been made but not settled or at any time the Company has outstanding with the Sales Agent any instructions to sell the Common Stock but such instructions have not been fulfilled or cancelled, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of the Common Stock or securities convertible into or exchangeable or exercisable for the Common Stock or warrants or other rights to purchase the Common Stock or any other securities of the Company that are substantially similar to the Common Stock or permit the registration under the Act of any shares of the Common Stock, including pursuant to another Distribution Agreement, in each case without giving the Sales Agent at least three business days&#8217; prior written notice specifying the nature of the proposed sale and the date of such proposed sale.  Notwithstanding the foregoing, the Company may (i)&#160;register the offer and sale of the Shares through the Sales Agent pursuant to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">18</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">this Agreement&#894; (ii)&#160;issue Common Stock, restricted stock, options or other units or awards pursuant to the Company&#8217;s long term stock incentive plans as currently in effect (or file a Form&#160;S-8 related to such plans) or pursuant to the exercise of employee stock options or other awards&#894; (iii)&#160;issue Common Stock pursuant to the DRSPP or any successor dividend reinvestment or share purchase plan (or the filing of a Form&#160;S-3 related to such a plan) and (iv)&#160;offer or issue any series of preferred stock that is not convertible into shares of Common Stock other than in connection with a &#8220;change of control.&#8221;  For the avoidance of doubt, the Company will not be prohibited from issuing Common Stock upon the election by a holder of Preferred Stock to convert Preferred Stock into Common Stock.  In the event that notice of a proposed sale is provided by the Company pursuant to this Section&#160;5(l), the Sales Agent may suspend activity under this program for such period of time as may be requested by the Company or as may be deemed appropriate by the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:18.69pt">Not, at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the meaning of the Act), or use any &#8220;prospectus&#8221; (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To use its best efforts to cause the Common Stock to be listed on the NYSE and to maintain such listing.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To advise the Sales Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Agent pursuant to Section&#160;8 herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Upon commencement of the offering of the Shares under this Agreement, and within four trading days of each time that (i)&#160;the Registration Statement or the Prospectus shall be amended or supplemented (other than pursuant to subclause&#160;(ii) below and other than a prospectus  supplement filed pursuant to Rule&#160;424(b) under the Act relating solely to the offering of securities other than the Shares), (ii)&#160;there is filed with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form&#160;8-K, unless the Sales Agent shall otherwise reasonably request), or (iii)&#160;otherwise as the Sales Agent may reasonably request (the date of commencement of the offering of the Shares under this Agreement and each date referred to in subclauses&#160;(i), (ii) and (iii) above, each a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Representation Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate dated as of such delivery date, in form satisfactory to the Sales Agent to the effect that the statements contained in the certificate referred to in Section&#160;8(e)(i) of this Agreement which were last furnished to the Sales Agent are true and correct as of such delivery date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section&#160;8(e)(i), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.  The requirement to provide a certificate under this Section&#160;5(q) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder or under any Alternative Agreement (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date.  Notwithstanding the foregoing, if the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">19</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Company subsequently decides to sell Shares through the Sales Agent or any Alternative Agent following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate under this Section&#160;5(q), then before the Company delivers the Placement Notice or the Sales Agent or any Alternative Agent sells any Shares, the Company shall provide the Sales Agent with such certificate, dated the date of the Placement Notice.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished forthwith to the Sales Agent written opinions of (i)&#160;Davis Polk &#38; Wardwell LLP, special counsel for the Company (including negative assurance), (ii)&#160;Hunton Andrews Kurth LLP, tax counsel for the Company, (iii)&#160;Venable LLP, Maryland counsel for the Company and (iv)&#160;Anthony&#160;C. Green, Chief Corporate Officer, Chief Legal Officer and Secretary for the Company or other counsels satisfactory to the Sales Agent, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the opinions referred to in Section&#160;8(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(s)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.36pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall furnish or cause to be furnished to the Sales Agent forthwith a certificate of the Secretary of the Company, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(t)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, shall deliver a written opinion, dated and delivered as of such delivery date, in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(u)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">On or prior to four trading days after each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, the Company shall cause the Accountants or other independent accountants satisfactory to the  Sales Agent, forthwith to furnish to the Sales Agent a letter, dated as of such delivery date, in form and substance satisfactory to the Sales Agent, of the same tenor as the letter referred to in Section&#160;8(d) of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.  Notwithstanding anything else contained herein to the contrary, other than as set forth in this Section&#160;5(u) and Section&#160;8(d) of this Agreement the Company shall be under no additional obligations to cause the Accountants to provide a letter to the Sales Agent, provided however, so long as this Agreement remains in effect, to the extent the Sales Agent reasonably believes it needs such a letter at some time other than as required under this Section&#160;5(u) and Section&#160;8(d), the Sales Agent may suspend the offering of the Shares in accordance with Section&#160;4(a)(ii) of this Agreement, if such letter is not delivered.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At each Representation Date with respect to which the Company is obligated to deliver a certificate under Section&#160;8(e) for which no waiver is applicable, to conduct a due diligence session, in form and substance, satisfactory to the Sales Agent, which shall include representatives of the management and the accountants of the Company.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(w)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:19.36pt">That the Company consents to the Sales Agent trading in the Common Stock for the Sales Agent&#8217;s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(x)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">If to the knowledge of the Company, any condition set forth in Section&#160;8(a) or Section&#160;8(h) of this Agreement shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares from the Company as the result of an offer to purchase solicited by the Sales Agent the right to refuse to purchase and pay for such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(y)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">To disclose in its quarterly reports on Form&#160;10-Q and in its annual report on Form&#160;10-K the number of the Shares sold through or to the Sales Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(z)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">To ensure that prior to instructing the Sales Agent to sell Shares the Company shall have obtained all necessary corporate authority for the offer and sale of such Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(aa)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">That each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Sales Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ab)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:16.7pt">The Company has been organized and operated in conformity with the requirements for qualification and taxation of the Company as a REIT under the Code, and the Company&#8217;s proposed methods of operation will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ac)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:17.38pt">The Company has retained the Accountants as its qualified accountants and qualified tax experts (i)&#160;to test procedures and conduct annual compliance reviews designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act and (ii)&#160;to otherwise assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the REIT provisions of the Code and the Company&#8217;s exempt status under the Investment Company Act.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Reserved</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Payment of Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company agrees with the Sales Agent that whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, to pay all of its expenses incident to the performance of its obligations hereunder, including, but not limited to, such costs, expenses, fees and taxes in connection with (i)&#160;the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (ii)&#160;the registration, issue, sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Shares, (iii)&#160;the producing, word processing and&#47;or printing of this Agreement, any Powers of Attorney and any closing documents (including compilations thereof) and the reproduction and&#47;or printing and furnishing of copies of each thereof to the Sales Agent (including costs of mailing and shipment), (iv)&#160;the qualification of the Shares for offering and sale under state laws and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Sales Agent) and the printing and furnishing of copies of any blue sky surveys to the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">21</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Sales Agent, (v)&#160;the listing of the Shares on any securities exchange or qualification of the Shares for quotation on the NYSE and any registration thereof under the Exchange Act and (vi)&#160;any filing for review of the public offering of the Shares by FINRA, including the reasonable legal fees and disbursements of counsel for the Sales Agent relating to FINRA matters.  The Sales Agent will pay all of its other out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated by this Agreement, including, without limitation, travel, reproduction, printing and similar expenses.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 8.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Conditions of Sales Agent&#8217;s Obligations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The obligations of the Sales Agent hereunder are subject to (i)&#160;the accuracy of the representations and warranties on the part of the Company on the date hereof, any applicable date referred to in Section&#160;5(q) of this Agreement and as of each Settlement Date, (ii)&#160;the performance by the Company of its obligations hereunder and (iii)&#160;to the following additional conditions precedent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under Section&#160;8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, the Commission shall not have notified the Company of any objection to the use of the form of the Registration Statement or any post-effective amendment thereto, and no suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company or the Sales Agent of the initiation or threatening of any proceedings for any of such purposes, has occurred&#894; (ii)&#160;the Registration Statement and all amendments thereto, or modifications thereof, if any, shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading&#894; (iii)&#160;none of the Basic Prospectus or the Prospectus, and no amendment or supplement thereto, or modification thereof, if any, shall include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; (iv)&#160;no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading&#894; and (v)&#160;none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Subsequent to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any, (i)&#160;no material and unfavorable change, financial or otherwise (other than as referred to in the Registration Statement and the Prospectus), in the business, condition, net worth or prospects of the Company and its subsidiaries, taken as a whole, in the judgment of the Sales Agent, shall occur or become known and (ii)&#160;no transaction which is material and unfavorable to the Company or any of its subsidiaries, taken as a whole (other than as referred to in the Registration Statement and Prospectus), in the judgment of the Sales Agent, shall have been entered into by the Company or any of its subsidiaries.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall furnish to the Sales Agent, at every date specified in Section&#160;5(r) of this Agreement for which no waiver is applicable, the opinions of Davis Polk &#38; Wardwell LLP, Hunton Andrew Kurth LLP, Venable LLP and the Chief Legal Officer of the Company addressed to the Sales Agent, and dated as of such date, and in form satisfactory to the Sales Agent, in the form set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibits&#160;A-1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">A-4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> hereto.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">22</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">At the dates specified in Section&#160;5(u) of this Agreement, the Sales Agent shall have received from the Accountants letters dated the date of delivery thereof and addressed to the Sales Agent in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">(i)&#160;&#160;The Company shall deliver to the Sales Agent, on or prior to four trading days after each Representation Date specified in Section&#160;5(q) of this Agreement, a certificate of two of its executive officers to the effect that (i)&#160;the representations and warranties of the Company as set forth in this Agreement are true and correct as of such delivery date, (ii)&#160;the Company has performed such of its obligations under this Agreement as are to be performed at or before each such delivery date and (iii)&#160;the conditions set forth in paragraphs&#160;(a) and (b) of this Section&#160;8 have been met.  The certificate shall also state that the Shares have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale of the Shares has been validly and sufficiently taken, and that the Company&#8217;s Board of Directors or any other body with authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.03pt">The Sales Agent shall have received, at every date specified in Section&#160;5(t) of this Agreement, the favorable opinion of Cravath, Swaine &#38; Moore LLP, counsel to the Sales Agent, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have received, at every date specified in Section&#160;5(s) of this Agreement, a certificate of the Secretary of the Company, dated as of such date, and in form and substance satisfactory to the Sales Agent.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All filings with the Commission required by Rule&#160;424 under the Act to have been filed by the Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&#160;424.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:24.69pt">The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of clarity and without limitation to any other provision of this Section&#160;8 or elsewhere in this Agreement, the Company and the Sales Agent agree that the Sales Agent&#8217;s obligations, if any, to solicit purchases of Shares on an agency basis or otherwise take any action pursuant to a Placement Notice shall, unless otherwise agreed in writing by the Sales Agent, be suspended during the period from and including a Representation Date for which certificates are required to be delivered pursuant to Section&#160;5(q) through and including the time the Sales Agent shall have received the documents described in Sections&#160;8(c) through 8(g), inclusive.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 9.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9.36pt;text-decoration:underline">Indemnification and Contribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company agrees to indemnify, defend and hold harmless the Sales Agent and its affiliates, its and their directors, officers, employees and agents and any person who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sales Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">23</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to state a material fact in the Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Prospectus (the term Prospectus for the purpose of this Section&#160;9 being deemed to include the Basic Prospectus, the Prospectus Supplement, the Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule&#160;433 under the Act) of the Company or in any Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any action, suit or proceeding (together, a &#8220;Proceeding&#8221;) is brought against the Sales Agent or any such person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, the Sales Agent or such person shall promptly notify the indemnifying party in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses&#894; provided, however, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to the Sales Agent or any such person or otherwise except to the extent the Company was materially prejudiced by such omission.  The Sales Agent or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sales Agent or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company, and paid as incurred (it being understood, however, that the Company shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Company shall not be liable for any settlement of any Proceeding effected </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">24</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless the Sales Agent and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Company to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Company agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Company of the aforesaid request, (ii)&#160;the Company shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the indemnifying party at least 30&#160;days&#8217; prior notice of its intention to settle.  The Company shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or may be a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability or a failure to act, by or on behalf of such indemnified party.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent agrees to indemnify, defend and hold harmless the Company, and each of its directors and each of the Company&#8217;s officers, who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&#160;any untrue statement or alleged untrue statement of a material fact contained in and, in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use with reference to the Sales Agent in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material fact in such Registration Statement in connection with such information, which material fact was not contained in such information and which material fact was required to be stated in such Registration Statement or was necessary to make such information not misleading or (ii)&#160;any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information furnished in writing by or on behalf of the Sales Agent to the Company expressly for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with such information, which material fact was not contained in such information and which material fact was necessary in order to make the statements in such information, in the light of the circumstances under which they were made, not misleading.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If any Proceeding is brought against the Company or any such person in respect of which indemnity may be sought against the Sales Agent pursuant to the foregoing paragraph, the Company or such person shall promptly notify the Sales Agent in writing of the institution of such Proceeding and the Sales Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to  such indemnified party and payment of all fees and expenses&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, that the omission to so notify the Sales Agent shall not relieve the Sales Agent from any liability which the Sales Agent may have to the Company or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">25</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">any such person or otherwise.  The Company or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company such person unless the employment of such counsel shall have been authorized in writing by the Sales Agent in connection with the defense of such Proceeding or the Sales Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Sales Agent (in which case the Sales Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Sales Agent may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Sales Agent), in any of which events such fees and expenses shall be borne by the Sales Agent and paid as incurred (it being understood, however, that the Sales Agent shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).  The Sales Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Sales Agent but if settled with the written consent of the Sales Agent, the Sales Agent agrees to indemnify and hold harmless the Company and any such person from and against any loss or liability by reason of such settlement.  Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested the Sales Agent to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the Sales Agent agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 60&#160;business days after receipt by the Sales Agent of the aforesaid request, (ii)&#160;the Sales Agent shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii)&#160;such indemnified party shall have given the Sales Agent at least 30&#160;days&#8217; prior notice of its intention to settle.  The Sales Agent shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">If the indemnification provided for in this Section&#160;9 is unavailable to an indemnified party under subsections&#160;(a) and (b) of this Section&#160;9 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Sales Agent, on the other hand, from the offering of the Shares or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i) above but also the relative fault of the Company, on the one hand, and of the Sales Agent, on the other, in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.  The relative benefits received by the Company, on the one hand, and the Sales Agent, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">26</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(net of underwriting discounts and commissions but before deducting expenses) received by the Company, and the total underwriting discounts and commissions received by the Sales Agent, bear to the aggregate public offering price of the Shares.  The relative fault of the Company, on the one hand, and of the Sales Agent, on the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Sales Agent and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this Section&#160;9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection&#160;(c) above.  Notwithstanding the provisions of this Section&#160;9, the Sales Agent shall not be required to contribute any amount in excess of commissions received by it under this Agreement.  No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company and the Sales Agent agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company&#8217;s officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 10.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Representations and Agreements to Survive Delivery</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The indemnity and contribution agreements contained in Section&#160;9 and the covenants, warranties and representations of the Company contained in this Agreement or in certificates delivered pursuant hereto shall remain in full force and effect regardless of any investigation made by or on behalf of the Sales Agent, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Sales Agent within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, or by or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section&#160;15 of the Act or Section&#160;20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 11.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Termination</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect, (ii) with respect to any pending sale, through the Sales Agent for the Company, the obligations of the Company, including in respect of compensation of the Sales Agent, shall remain in full force and effect notwithstanding the termination and (iii)&#160;the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The Sales Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation of offers to </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">27</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">purchase the Shares in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that (i) if any of the Shares have been sold through the Sales Agent for the Company, then Section 5(j) and Section&#160;5(w) shall remain in full force and effect and (ii) the provisions of Sections&#160;7, 9, 10, 12, 13, 14, 18 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">This Agreement shall remain in full force and effect unless terminated pursuant to Sections&#160;11(a) or 11(b) above or otherwise by mutual agreement of the parties&#894; and shall automatically terminate on May 8, 2030&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that any such termination by mutual agreement shall in all cases be deemed to provide that Sections&#160;7, 9 and 10 shall remain in full force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Any termination of this Agreement shall be effective on the date specified in such notice of termination&#894; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case may be.  If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section&#160;4(a)(vi) of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 12.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Sales Agent, shall be sufficient in all respects if delivered or sent to Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention&#58;  Equity Syndicate Department, facsimile number&#58; (212) 214-5918, and a copy for information purposes to Andrew J. Pitts, Esq. and Ryan J. Patrone, Esq. at Cravath, Swaine &#38; Moore LLP, Two Manhattan West, 375 Ninth Avenue, New York, New York 10001 and, if to the Company, it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 1211&#160;Avenue of the Americas, New York, New York 10036, Attention&#58;  David&#160;L. Finkelstein with a copy for information purposes to Davis Polk &#38; Wardwell LLP at 450 Lexington Avenue New York, New York 10017, Attention&#58;  Shane Tintle, facsimile number&#58; (212) 450-4000, Email&#58;  shane.tintle&#64;davispolk.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 13.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Parties at Interest</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Agreement herein set forth has been and is made solely for the benefit of the Sales Agent, the Company and, to the extent provided in Section&#160;9 of this Agreement, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.  No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Sales Agent) shall acquire or have any right under or by virtue of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 14.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">No Fiduciary Relationship</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company hereby acknowledges that the Sales Agent is acting solely as sales agent and&#47;or principal in connection with the purchase and sale of the Company&#8217;s securities.  The Company further acknowledges that the Sales Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Sales Agent act or be responsible as a fiduciary to the Company or its management, stockholders or creditors or any other person in connection with any activity that the Sales Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&#8217;s securities, either before or after the date hereof.  The Sales Agent hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect.  The Company and the Sales Agent agree that they </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">28</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Sales Agent to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&#8217;s securities, do not constitute advice or recommendations to the Company, nor shall the expression of such opinions or views constitute any solicitation of any action by the Sales Agent.  The Company hereby (a)&#160;waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Sales Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions and (b)&#160;agrees that none of the activities of the Sales Agent in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Sales Agent with respect to any entity or natural person.  The Company has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 15.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Press Releases and Disclosure</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Company may issue a press release in compliance with Rule&#160;134 under the Act describing the material terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission a Current Report on Form&#160;8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult with the Sales Agent prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties.  No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other parties hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.  If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 16.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Adjustments for Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 17.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Entire Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.  The Company and the Sales Agent hereby confirm and agree that the Distribution Agency Agreement, dated September 20, 2024 (as amended, supplemented or otherwise modified from time to time, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Prior Sales Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), between the Company and the Sales Agent is hereby deemed to be terminated, effective as of May 8, 2025, pursuant to Section 11(a) thereof and, except as provided in Section 11 thereof, is of no further force and effect.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 18.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Counterparts&#894; Electronic Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.  Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167;&#160;301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">29</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 19.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Law&#894; Construction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Claim</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 20.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Headings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 21.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Submission to Jurisdiction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company consents to the non-exclusive jurisdiction of such courts and personal service with respect thereto.  The Company hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Sales Agent or any indemnified party.  Each of the Sales Agent and the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.  The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 22.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Successors and Assigns</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Agreement shall be binding upon the Sales Agent, the Company and their successors and assigns and any successor or assign of any substantial portion of the Company&#8217;s and the Sales Agent&#8217;s respective businesses and&#47;or assets.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION 23.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:3.36pt;text-decoration:underline">Recognition of the U.S. Special Resolution Regimes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  In the event that the Sales Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Sales Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the Sales Agent that is a Covered Entity or a BHC Act Affiliate of such Sales Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Sales Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For purposes of this Section&#160;23, a &#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&#160;1841(k).  &#8220;Covered Entity&#8221; means any of the following&#58;  (i)&#160;a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;252.82(b)&#894; (ii)&#160;a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;47.3(b)&#894; or (iii)&#160;a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&#160;382.2(b).  &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&#160;252.81, 47.2 or 382.1, as applicable.  &#8220;U.S. Special Resolution Regime&#8221; means each of (i)&#160;the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">30</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:77.76pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#160;Title&#160;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">31</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="idf40ce4c6d554c9c8a0a3bac4dfe7d9c_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If the foregoing correctly sets forth the understanding among the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement among the Company and the Sales Agent.  Alternatively, the execution of this Agreement by the Company and its acceptance by or on behalf of the Sales Agent may be evidenced by an exchange of telegraphic or other written communications.</font></div><div style="margin-top:24pt;padding-left:234pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; David L. Finkelstein&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;David&#160;L. Finkelstein<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Chief Executive Officer and <br>&#160;&#160;&#160;&#160;Co-Chief Investment Officer<br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:24pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ACCEPTED as of the date <br>first above written<br><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WELLS FARGO SECURITIES, LLC<br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br><br>By&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#47;s&#47; Jaime Cohen&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>&#160;&#160;&#160;&#160;Name&#58;&#160;&#160;&#160;&#160;Jaime Cohen<br>&#160;&#160;&#160;&#160;Title&#58;&#160;&#160;&#160;&#160;Managing Director</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#91;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Signature Page to Distribution Agency Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#93;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><div id="idf40ce4c6d554c9c8a0a3bac4dfe7d9c_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule A<br>Permitted Free Writing Prospectuses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">None.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Schedule B</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"><br>Authorized Company Representatives</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 205-7256</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">dfinkelstein&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Steve Campbell, President and Chief Operating Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 413-1885</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">scampbell&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Serena Wolfe, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (212) 626-2308</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">swolfe&#64;annaly.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Anthony Green, Chief Corporate Officer, Chief Legal Officer and Secretary</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Telephone&#58; (646) 728-7668</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Fax&#58; (212) 696-0100</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Email&#58; </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">agreen&#64;annaly.com</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-1</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Davis Polk &#38; Wardwell LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-2</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Hunton Andrew Kurth LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-3</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of Venable LLP</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit A-4</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opinion of the Company&#8217;s Chief Legal Officer</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">See attached.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i09e4cc2e688b4ec4ba35ba07ee8a20c3_1"></div><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div style="margin-top:10.9pt;padding-left:259.55pt"><img alt="image_2.jpg" src="image_2.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:210px"><font style="color:#061e3b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">750 E. PRATT STREET SUITE 900 BALTIMORE, MD 21202</font></div><div style="margin-top:0.05pt;padding-left:294pt"><font style="color:#061e3b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">T </font><font style="color:#061e3b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">410.244.7400 </font><font style="color:#061e3b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">F </font><font style="color:#061e3b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">410.244.7742 www.Venable.com</font></div><div style="margin-top:0.45pt"><img alt="image_1a.jpg" src="image_1a.jpg" style="height:3px;margin-bottom:5pt;vertical-align:text-bottom;width:623px"></div><div><font><br></font></div><div style="margin-top:10pt"><font><br></font></div><div style="padding-left:46.2pt;padding-right:46.2pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 8, 2025</font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:17.95pt;padding-right:320.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc. 1211 Avenue of the Americas New York, NY 10036</font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:90pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Re&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Registration Statement on Form S-3</font></div><div><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.7pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We have served as Maryland counsel to Annaly Capital Management, Inc., a Maryland corporation (the &#8220;Company&#8221;), in connection with certain matters of Maryland law relating to the registration of the offering and sale of up to $2,000,000,000 in shares (the &#8220;Shares&#8221;) of common stock, $0.01 par value per share (the &#8220;Common Stock&#8221;), of the Company, in an at-the-market offering on the above-referenced Registration Statement on Form S-3, and all amendments thereto (the &#8220;Registration Statement&#8221;), filed by the Company with the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.8pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;)&#58;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">The Registration Statement and the related form of prospectus included therein and the supplement thereto relating to the offering and sale of the Shares, each in the form in which it was filed with the Commission under the Securities Act&#59;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.7pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">The charter of the Company (the &#8220;Charter&#8221;), certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;)&#59;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.95pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">The Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company&#59;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:18.05pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">A certificate of the SDAT as to the good standing of the Company, dated as of a recent date&#59;</font></div><div style="margin-top:12.05pt;padding-left:17.95pt;padding-right:17.95pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">Resolutions (the &#8220;Resolutions&#8221;) adopted by the Board of Directors of the Company (the &#8220;Board&#8221;), relating to, among other matters, the sale and issuance of the Shares, certified as of the date hereof by an officer of the Company&#59;</font></div><div style="height:43.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;padding-left:125.95pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:27pt">A certificate executed by an officer of the Company, dated as of the date</font></div><div style="padding-left:17.95pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">hereof&#59; and</font></div><div style="height:43.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i09e4cc2e688b4ec4ba35ba07ee8a20c3_4"></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><img alt="image_2.jpg" src="image_2.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:210px"><img alt="image_1a.jpg" src="image_1a.jpg" style="height:3px;margin-bottom:5pt;vertical-align:text-bottom;width:623px"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:32.738%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.5pt;padding-left:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc. May 8, 2025</font></div><div style="padding-left:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 2</font></div></td></tr></table></div></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:18pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.</font></div><div style="margin-top:12pt;padding-left:90pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In expressing the opinion set forth below, we have assumed the following&#58;</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.95pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.8pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.8pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.9pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">The Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained in Article XI of the Charter.</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">Upon the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.</font></div><div style="margin-top:12pt;padding-left:17.95pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that&#58;</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9.05pt">The Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font><br></font></div><div style="height:43.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><img alt="image_2.jpg" src="image_2.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:210px"><img alt="image_1a.jpg" src="image_1a.jpg" style="height:3px;margin-bottom:5pt;vertical-align:text-bottom;width:623px"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:32.738%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.5pt;padding-left:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc. May 8, 2025</font></div><div style="padding-left:1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 3</font></div></td></tr></table></div></div><div style="padding-left:17.95pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:18pt;padding-right:17.7pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:9pt">The issuance of the Shares has been duly authorized and, when and if delivered against payment therefor in accordance with the Registration Statement and the Resolutions, the Shares will be validly issued, fully paid and nonassessable.</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.75pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other jurisdiction. We express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, federal or state laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other local jurisdiction. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</font></div><div style="margin-top:12pt;padding-left:18pt;padding-right:17.85pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</font></div><div style="margin-top:12pt;padding-left:17.95pt;padding-right:17.75pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This opinion is being furnished to you for submission to the Commission as an exhibit to the Company&#8217;s Quarterly Report on Form 10-Q (the &#8220;Quarterly Report&#8221;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Quarterly Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act.</font></div><div style="margin-top:12pt;padding-left:23.1pt;padding-right:23.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,</font></div><div style="margin-top:12pt;padding-left:23.1pt;padding-right:23.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#47;s&#47; Venable LLP</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:18pt"><font><br></font></div><div style="height:43.92pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>16
<FILENAME>a2025q1nlyexhibit311.htm
<DESCRIPTION>EX-31.1
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i003a19f1b6ee4c31b9af4a10fc1175b7_1"></div><div style="min-height:42.75pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</font></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 31.1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CERTIFICATIONS</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">I, David L. Finkelstein, certify that&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.139%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">I have reviewed this quarterly report on Form 10-Q of Annaly Capital Management, Inc.&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have&#58;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">a)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">b)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation&#59; and<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">d)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting&#59; and<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions)&#58;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">a)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information&#59; and<br>&#160;&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">b)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.<br>&#160;</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date&#58;  May&#160;8, 2025 </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">&#47;s&#47; David L. Finkelstein</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Executive Officer and Co-Chief Investment Officer (Principal Executive Officer)</font></td></tr></table></div><div><font><br></font></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>17
<FILENAME>a2025q1nlyexhibit312.htm
<DESCRIPTION>EX-31.2
<TEXT>
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<title>Document</title></head><body><div id="i9d55860f32124afa80c297bd31a133e7_1"></div><div style="min-height:42.75pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES</font></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 31.2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CERTIFICATIONS</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">I, Serena Wolfe, certify that&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.139%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">I have reviewed this quarterly report on Form 10-Q of Annaly Capital Management, Inc.&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report&#59;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have&#58;<br>&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">a)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-indent:11.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared&#59;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">b)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-indent:11.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles&#59;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-indent:11.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation&#59; and</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">d)</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-indent:11.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting&#59; and</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions)&#58;<br></font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">a)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information&#59; and<br>&#160;&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">b)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.<br>&#160;</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date&#58;  May&#160;8, 2025 </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">&#47;s&#47; Serena Wolfe</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Financial Officer (Principal Financial Officer)</font></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>18
<FILENAME>a2025q1nlyexhibit321.htm
<DESCRIPTION>EX-32.1
<TEXT>
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<title>Document</title></head><body><div id="i366e8271c2c24749892a33427ab2bf3a_1"></div><div style="min-height:42.75pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANNALY CAPITAL MANAGEMENT, INC. 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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>21
<FILENAME>nly-20250331_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
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    <link:label id="lab_dei_CoverAbstract_0d9f7613-4e5b-45e9-8ecd-5a232f71b02c_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract"/>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_8f4f365b-2209-4010-be64-1c9499a02752_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
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    <link:label id="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember_22469e00-9f67-46f2-8abc-c592b958b7b1_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. Treasury securities sold, not yet purchased</link:label>
    <link:label id="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Sold, Not yet Purchased [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesSoldNotYetPurchasedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:to="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_6859d699-285f-444f-8c16-f6942e77cdc1_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Discount Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MeasurementInputDiscountRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:to="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_a97eddfc-e5cd-4e81-97ba-a02cfac4ba6a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Lease Liability Schedule of Maturity</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_13377ee1-ff9c-4716-8a44-546deb5d1804_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageLoansonRealEstateGainsLosses_21b4e7b0-98c8-45bb-b3d0-98548aea5c91_terseLabel_en-US" xlink:label="lab_nly_MortgageLoansonRealEstateGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains / (losses)</link:label>
    <link:label id="lab_nly_MortgageLoansonRealEstateGainsLosses_label_en-US" xlink:label="lab_nly_MortgageLoansonRealEstateGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Gains (Losses)</link:label>
    <link:label id="lab_nly_MortgageLoansonRealEstateGainsLosses_documentation_en-US" xlink:label="lab_nly_MortgageLoansonRealEstateGainsLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Gains (Losses)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageLoansonRealEstateGainsLosses" xlink:href="nly-20250331.xsd#nly_MortgageLoansonRealEstateGainsLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageLoansonRealEstateGainsLosses" xlink:to="lab_nly_MortgageLoansonRealEstateGainsLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SeriesFPreferredStockMember_1f38eeca-f967-45a6-ab9e-ec30e2b6048f_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Series F Preferred Stock</link:label>
    <link:label id="lab_us-gaap_SeriesFPreferredStockMember_93a69b37-3a13-4c53-912d-1183bba0d4fb_verboseLabel_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Series F</link:label>
    <link:label id="lab_us-gaap_SeriesFPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series F Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesFPreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesFPreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesFPreferredStockMember" xlink:to="lab_us-gaap_SeriesFPreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_ce843573-d358-48eb-a6ae-e85be92bd8bc_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_ed46a5a0-312c-47a1-ac67-df3c96369cf3_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
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    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis_b1297aee-1f0d-4ad3-a2f4-e81df5bac8c5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Axis]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PledgedStatusDomain_e3ac81e8-dcb4-47f2-99ee-4646866b4f43_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pledged Status [Domain]</link:label>
    <link:label id="lab_us-gaap_PledgedStatusDomain_label_en-US" xlink:label="lab_us-gaap_PledgedStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedStatusDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgedStatusDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PledgedStatusDomain" xlink:to="lab_us-gaap_PledgedStatusDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_cd8f1ccf-3a88-45a8-847e-3d8d91d95faa_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other derivative assets</link:label>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset, Subject to Master Netting Arrangement, before Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonNeosMember_terseLabel_en-US" xlink:label="lab_ecd_NonNeosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-NEOs</link:label>
    <link:label id="lab_ecd_NonNeosMember_label_en-US" xlink:label="lab_ecd_NonNeosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-NEOs [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonNeosMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonNeosMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonNeosMember" xlink:to="lab_ecd_NonNeosMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_42df1f52-1db7-4aec-ac5c-46f84e7bd6da_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions declared per common share (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
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    <link:label id="lab_nly_StevenF.CampbellTradingArrangementTwoMember_label_en-US" xlink:label="lab_nly_StevenF.CampbellTradingArrangementTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Steven F. Campbell, Trading Arrangement Two [Member]</link:label>
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    <link:label id="lab_nly_PaymentsOnU.S.TreasurySecurities_d92969cf-cd20-4ed4-b90a-ddcddaf3308c_negatedTerseLabel_en-US" xlink:label="lab_nly_PaymentsOnU.S.TreasurySecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on U.S. Treasury securities</link:label>
    <link:label id="lab_nly_PaymentsOnU.S.TreasurySecurities_label_en-US" xlink:label="lab_nly_PaymentsOnU.S.TreasurySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments On U.S. Treasury Securities</link:label>
    <link:label id="lab_nly_PaymentsOnU.S.TreasurySecurities_documentation_en-US" xlink:label="lab_nly_PaymentsOnU.S.TreasurySecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments On U.S. Treasury Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentsOnU.S.TreasurySecurities" xlink:href="nly-20250331.xsd#nly_PaymentsOnU.S.TreasurySecurities"/>
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    <link:label id="lab_us-gaap_PositionAxis_8dcda5e6-b938-4984-b424-ce736b0ed837_terseLabel_en-US" xlink:label="lab_us-gaap_PositionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Position [Axis]</link:label>
    <link:label id="lab_us-gaap_PositionAxis_label_en-US" xlink:label="lab_us-gaap_PositionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Position [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PositionAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PositionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PositionAxis" xlink:to="lab_us-gaap_PositionAxis" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems_cedade22-1a00-430a-9442-52ac755f9d22_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Agreements:</link:label>
    <link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets Sold under Agreements to Repurchase [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodDomain_49a9ff7f-c293-45f8-ae94-7035c99a7185_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Domain]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentRedemptionPeriodDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:to="lab_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue_2690c9e5-9d20-4f1d-8512-79860f33dcc0_terseLabel_en-US" xlink:label="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Secured financings and interest rate swaps - collateral held, estimated fair value</link:label>
    <link:label id="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue_label_en-US" xlink:label="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateral Held on Repurchase Agreements After Effect of Interest Rate Swaps Fair Value</link:label>
    <link:label id="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue_documentation_en-US" xlink:label="lab_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The fair value as of the balance sheet date of securities pledged as collateral that an institution holds on behalf of repurchase agreements, after giving effect for interest rate swaps.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue" xlink:href="nly-20250331.xsd#nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue"/>
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    <link:label id="lab_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance_a850a179-023e-4039-b1bb-3e0517b47953_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other changes, including realization of expected cash flows</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Other Changes that Affect Balance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance"/>
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    <link:label id="lab_ecd_NonRule10b51ArrAdoptedFlag_terseLabel_en-US" xlink:label="lab_ecd_NonRule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Adopted</link:label>
    <link:label id="lab_ecd_NonRule10b51ArrAdoptedFlag_label_en-US" xlink:label="lab_ecd_NonRule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Adopted [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonRule10b51ArrAdoptedFlag" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonRule10b51ArrAdoptedFlag"/>
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    <link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_780faf58-3fee-4d5a-9423-07f8aaec6cbe_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FAIR VALUE MEASUREMENTS</link:label>
    <link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Disclosures [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_9d515ca8-383f-4922-85c9-35728061536b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses) on available-for-sale securities</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
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    <link:label id="lab_ecd_AwardTmgDiscLineItems_label_en-US" xlink:label="lab_ecd_AwardTmgDiscLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Disclosures [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgDiscLineItems" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardTmgDiscLineItems"/>
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    <link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_9027e55c-f74c-4262-b1f1-6cc7f340a4d1_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</link:label>
    <link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Gain (Loss) on Derivative, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
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    <link:label id="lab_us-gaap_CashCollateralForBorrowedSecurities_7f5b8c85-8f22-4b43-871f-fa4c519b52c9_terseLabel_en-US" xlink:label="lab_us-gaap_CashCollateralForBorrowedSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pledged assets included in cash and cash equivalents</link:label>
    <link:label id="lab_us-gaap_CashCollateralForBorrowedSecurities_label_en-US" xlink:label="lab_us-gaap_CashCollateralForBorrowedSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Collateral for Borrowed Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCollateralForBorrowedSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCollateralForBorrowedSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCollateralForBorrowedSecurities" xlink:to="lab_us-gaap_CashCollateralForBorrowedSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable_c602b7a1-a20e-4fe7-862a-c96708d917fd_terseLabel_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Remaining capacity of repurchase agreement</link:label>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable_label_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase, Commitments Available</link:label>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable_documentation_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase, Commitments Available</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:href="nly-20250331.xsd#nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:to="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_4d83274f-5c9a-4cf9-b1b8-9f64012c884e_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Portion at Fair Value Measurement</link:label>
    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Portion at Fair Value Measurement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_ff96b6b6-7e12-4da8-9585-8922a0fbfa5c_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest payable</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Interest Payable, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet"/>
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    <link:label id="lab_us-gaap_InterestIncomeExpenseNet_e3b8f701-62f9-4ae4-8372-c8e5f740baad_totalLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeExpenseNet_1a0f3a47-7950-4d04-b064-40626c571f47_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeExpenseNet_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income (Expense), Operating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNet" xlink:to="lab_us-gaap_InterestIncomeExpenseNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_8adc3aae-530f-4b90-ba1e-2ef4f2610b8c_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
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    <link:label id="lab_us-gaap_LeasesAbstract_536ab886-452a-453e-959e-5ef6188952bd_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases [Abstract]</link:label>
    <link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeasesAbstract"/>
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    <link:label id="lab_us-gaap_PledgedStatusAxis_5e97f7cd-8b76-4ac7-a259-1dbe16d24f5b_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pledged Status [Axis]</link:label>
    <link:label id="lab_us-gaap_PledgedStatusAxis_label_en-US" xlink:label="lab_us-gaap_PledgedStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedStatusAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgedStatusAxis"/>
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    <link:label id="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract_bc2d8272-c605-497c-8792-c44195025172_terseLabel_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortized Cost</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract" xlink:href="nly-20250331.xsd#nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract" xlink:to="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_76397bb9-70ea-42f6-bb98-8f5bae755b9c_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VARIABLE INTEREST ENTITIES</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableInterestEntityDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:to="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_496afeca-abfb-4edd-8f9f-9aba7fa39193_terseLabel_en-US" xlink:label="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Later years</link:label>
    <link:label id="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_label_en-US" xlink:label="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, after Year Four</link:label>
    <link:label id="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_documentation_en-US" xlink:label="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, after Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:href="nly-20250331.xsd#nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:to="lab_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_551b6beb-78fd-4fe2-9a62-5cd1616d6897_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Segments</link:label>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Segments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingSegmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestRateDerivativeAssetsAtFairValue_affb03bb-2bab-4be1-b3f2-e3c00dd0cee9_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
    <link:label id="lab_us-gaap_InterestRateDerivativeAssetsAtFairValue_label_en-US" xlink:label="lab_us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Derivative Assets, at Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestRateDerivativeAssetsAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:to="lab_us-gaap_InterestRateDerivativeAssetsAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_ddf9a025-0b3c-46ad-acd9-225570e27ec7_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepurchaseAgreementsMember_b986942d-e139-4b55-bd8d-94003582c87b_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements</link:label>
    <link:label id="lab_us-gaap_RepurchaseAgreementsMember_label_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepurchaseAgreementsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepurchaseAgreementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepurchaseAgreementsMember" xlink:to="lab_us-gaap_RepurchaseAgreementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgMethodTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing Method</link:label>
    <link:label id="lab_ecd_AwardTmgMethodTextBlock_label_en-US" xlink:label="lab_ecd_AwardTmgMethodTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Method [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgMethodTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardTmgMethodTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgMethodTextBlock" xlink:to="lab_ecd_AwardTmgMethodTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TradingArrByIndTable_terseLabel_en-US" xlink:label="lab_ecd_TradingArrByIndTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Arrangements, by Individual</link:label>
    <link:label id="lab_ecd_TradingArrByIndTable_label_en-US" xlink:label="lab_ecd_TradingArrByIndTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangements, by Individual [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TradingArrByIndTable" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TradingArrByIndTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TradingArrByIndTable" xlink:to="lab_ecd_TradingArrByIndTable" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_TaxableREITSubsidiaryMember_e7ec215a-e128-49aa-a2e2-e32aa3fff098_terseLabel_en-US" xlink:label="lab_nly_TaxableREITSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxable REIT Subsidiary</link:label>
    <link:label id="lab_nly_TaxableREITSubsidiaryMember_label_en-US" xlink:label="lab_nly_TaxableREITSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxable REIT Subsidiary [Member]</link:label>
    <link:label id="lab_nly_TaxableREITSubsidiaryMember_documentation_en-US" xlink:label="lab_nly_TaxableREITSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxable REIT Subsidiary [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_TaxableREITSubsidiaryMember" xlink:href="nly-20250331.xsd#nly_TaxableREITSubsidiaryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_TaxableREITSubsidiaryMember" xlink:to="lab_nly_TaxableREITSubsidiaryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity_8d8b33c5-826f-4899-9e9e-9ba90cd85282_terseLabel_en-US" xlink:label="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial investment portfolio</link:label>
    <link:label id="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity_label_en-US" xlink:label="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income Commercial Real Estate Debt And Preferred Equity</link:label>
    <link:label id="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity_documentation_en-US" xlink:label="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest income commercial real estate debt and preferred equity.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:href="nly-20250331.xsd#nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:to="lab_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_LoanToValuePercentage_47bf124c-6ec9-44dd-9a9f-5558ca1dc812_terseLabel_en-US" xlink:label="lab_nly_LoanToValuePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan-to-value ratio at loan origination</link:label>
    <link:label id="lab_nly_LoanToValuePercentage_label_en-US" xlink:label="lab_nly_LoanToValuePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan To Value Percentage</link:label>
    <link:label id="lab_nly_LoanToValuePercentage_documentation_en-US" xlink:label="lab_nly_LoanToValuePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loan To Value Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_LoanToValuePercentage" xlink:href="nly-20250331.xsd#nly_LoanToValuePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_LoanToValuePercentage" xlink:to="lab_nly_LoanToValuePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestIncomeAgencySecurityLoans_2432960b-348a-493d-b183-dd226f97b7c0_terseLabel_en-US" xlink:label="lab_nly_InterestIncomeAgencySecurityLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Agency securities</link:label>
    <link:label id="lab_nly_InterestIncomeAgencySecurityLoans_label_en-US" xlink:label="lab_nly_InterestIncomeAgencySecurityLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income Agency Security Loans</link:label>
    <link:label id="lab_nly_InterestIncomeAgencySecurityLoans_documentation_en-US" xlink:label="lab_nly_InterestIncomeAgencySecurityLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Income Agency Security Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestIncomeAgencySecurityLoans" xlink:href="nly-20250331.xsd#nly_InterestIncomeAgencySecurityLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestIncomeAgencySecurityLoans" xlink:to="lab_nly_InterestIncomeAgencySecurityLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_f96337b0-8464-47c1-8f68-f3fbc5d81593_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByMeasurementFrequencyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_73ad96c7-ae6a-4a40-8fed-e0895e1a206a_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTradingPoliciesProcLineItems_label_en-US" xlink:label="lab_ecd_InsiderTradingPoliciesProcLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTradingPoliciesProcLineItems" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTradingPoliciesProcLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTradingPoliciesProcLineItems" xlink:to="lab_ecd_InsiderTradingPoliciesProcLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ResidentialCreditSegmentMember_84d73b34-d8fe-4df8-b2f8-c8314a986980_terseLabel_en-US" xlink:label="lab_nly_ResidentialCreditSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Resi-credit</link:label>
    <link:label id="lab_nly_ResidentialCreditSegmentMember_label_en-US" xlink:label="lab_nly_ResidentialCreditSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residential Credit Segment [Member]</link:label>
    <link:label id="lab_nly_ResidentialCreditSegmentMember_documentation_en-US" xlink:label="lab_nly_ResidentialCreditSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Residential Credit Segment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ResidentialCreditSegmentMember" xlink:href="nly-20250331.xsd#nly_ResidentialCreditSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ResidentialCreditSegmentMember" xlink:to="lab_nly_ResidentialCreditSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToCompAmt_terseLabel_en-US" xlink:label="lab_ecd_AdjToCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation, Amount</link:label>
    <link:label id="lab_ecd_AdjToCompAmt_label_en-US" xlink:label="lab_ecd_AdjToCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AdjToCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToCompAmt" xlink:to="lab_ecd_AdjToCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OutstandingRecoveryCompAmt_terseLabel_en-US" xlink:label="lab_ecd_OutstandingRecoveryCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Amount</link:label>
    <link:label id="lab_ecd_OutstandingRecoveryCompAmt_label_en-US" xlink:label="lab_ecd_OutstandingRecoveryCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Recovery Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OutstandingRecoveryCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_OutstandingRecoveryCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingRecoveryCompAmt" xlink:to="lab_ecd_OutstandingRecoveryCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember_terseLabel_en-US" xlink:label="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table</link:label>
    <link:label id="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember_label_en-US" xlink:label="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:to="lab_ecd_AggtChngPnsnValInSummryCompstnTblForAplblYrMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember_9ac325b2-1c58-4a47-8477-9439ffc364d7_terseLabel_en-US" xlink:label="lab_us-gaap_FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Freddie Mac</link:label>
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    <link:label id="lab_nly_FixedRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember_ebd128f1-6dbb-455a-a29f-ab113c79dad1_terseLabel_en-US" xlink:label="lab_nly_FixedRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed-rate pass-through</link:label>
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    <link:label id="lab_nly_AltaMortgageBackedSecuritiesAvailableForSaleMember_15e88fce-8215-4875-b9d6-0ce6b10ec466_terseLabel_en-US" xlink:label="lab_nly_AltaMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alt-A</link:label>
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    <link:label id="lab_srt_StockRepurchaseProgramAuthorizedAmount1_f34f39d1-2e93-4929-8461-17a157d6ec9e_terseLabel_en-US" xlink:label="lab_srt_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Authorized amount of stock available for repurchase (up to)</link:label>
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    <link:label id="lab_us-gaap_PreferredStockRedemptionPricePerShare_9bbeb052-18f7-40d7-b62e-08ff5f04b91e_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock, redemption price (in USD per share)</link:label>
    <link:label id="lab_us-gaap_PreferredStockRedemptionPricePerShare_label_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Redemption Price Per Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockRedemptionPricePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockRedemptionPricePerShare"/>
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    <link:label id="lab_us-gaap_EmployeeStockOptionMember_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee Stock Option</link:label>
    <link:label id="lab_us-gaap_EmployeeStockOptionMember_label_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Option [Member]</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_bc3e849c-009e-4329-86b8-24f393046168_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale [Table]</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleTable"/>
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    <link:label id="lab_nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember_ebf7b455-4589-4ec9-979d-2e46198587b1_terseLabel_en-US" xlink:label="lab_nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential credit</link:label>
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    <link:label id="lab_nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember_documentation_en-US" xlink:label="lab_nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Residential Credit Securities Mortgage Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember" xlink:href="nly-20250331.xsd#nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember"/>
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    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeNet_83fc92f1-2f99-473b-8a6f-a9ad9257649c_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Carrying Value</link:label>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeNet_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Fair Value, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeFairValueOfDerivativeNet"/>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_02f7b83c-ba95-412c-aec4-2f45cbc4c834_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year One</link:label>
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    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_8114426f-e1e9-4631-a163-40278c6228c0_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss) attributable to Annaly</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
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    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTextBlock_7febe90e-020c-4fcd-99e5-03ec93c1c313_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MORTGAGE SERVICING RIGHTS</link:label>
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    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_228ceacd-4d0e-4a85-8ab4-b3fc3ef8b435_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VIE and Other</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss_f967c0ce-4036-4345-bb30-189fbaf61024_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Amortized Cost</link:label>
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    <link:label id="lab_nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember_1aeb1614-a97d-4691-aeca-673458c97414_terseLabel_en-US" xlink:label="lab_nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prime</link:label>
    <link:label id="lab_nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prime Mortgage Backed Securities Available For Sale [Member]</link:label>
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    <link:label id="lab_us-gaap_AwardTypeAxis_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Type</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxLiabilities_04c2d14e-8fd6-4af4-87e7-5afe38548480_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net deferred tax liability</link:label>
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    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEsMember_db8637d0-68e1-4712-aea5-40f4b0a73564_terseLabel_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt issued by securitization vehicles</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterest" xlink:to="lab_us-gaap_MinorityInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_3576c011-f24a-4129-a5db-70949a999321_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions paid per common share after period end (in dollars per share)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockDividendsPerShareCashPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:to="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_4812cf0e-9e1d-4a28-bd49-46d1a947c712_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Option, Quantitative Disclosures [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Option, Quantitative Disclosures [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresLineItems"/>
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    <link:label id="lab_nly_OBX2025NQM6Member_664fdd7c-130d-4f7f-b08f-d36a3c0cb9fd_terseLabel_en-US" xlink:label="lab_nly_OBX2025NQM6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM6</link:label>
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    <link:label id="lab_nly_OBX2025NQM6Member_documentation_en-US" xlink:label="lab_nly_OBX2025NQM6Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM6</link:label>
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    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_f001bb89-15f0-4aaa-9e86-fa2f3419b30e_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, par value (USD per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_7f168862-9d54-4b38-a8ea-03c647be3ee0_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Par Value (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
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    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember_806eae1a-4bc7-4714-8047-9509158295f7_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">12 Months or more</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available For Sale Securities, Continuous Unrealized Loss Positions, Greater Than 12 Months [Member]</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Available For Sale Securities, Continuous Unrealized Loss Positions, Greater Than 12 Months [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:to="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrExpirationDate_terseLabel_en-US" xlink:label="lab_ecd_TrdArrExpirationDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiration Date</link:label>
    <link:label id="lab_ecd_TrdArrExpirationDate_label_en-US" xlink:label="lab_ecd_TrdArrExpirationDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Expiration Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrExpirationDate" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TrdArrExpirationDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrExpirationDate" xlink:to="lab_ecd_TrdArrExpirationDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue_82cbf024-6903-4f8a-86ab-7981369244cb_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit risk transfer securities</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments, Owned, Other, at Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsOwnedOtherAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue" xlink:to="lab_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember_31d0f61d-8b7b-4003-87e6-cb9ee90fda24_terseLabel_en-US" xlink:label="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse mortgages</link:label>
    <link:label id="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reverse Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TotalShareholderRtnAmt_terseLabel_en-US" xlink:label="lab_ecd_TotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Amount</link:label>
    <link:label id="lab_ecd_TotalShareholderRtnAmt_label_en-US" xlink:label="lab_ecd_TotalShareholderRtnAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TotalShareholderRtnAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TotalShareholderRtnAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TotalShareholderRtnAmt" xlink:to="lab_ecd_TotalShareholderRtnAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EqtyAwrdsAdjFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Footnote</link:label>
    <link:label id="lab_ecd_EqtyAwrdsAdjFnTextBlock_label_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsAdjFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_EqtyAwrdsAdjFnTextBlock"/>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_00bf346a-a8fd-49cf-9239-5621db1649ea_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross Realized Gains</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale, Realized Gain</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss_52fe9033-59b7-4567-b8d3-79c382cd2717_terseLabel_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Securitized debt of consolidated VIE, unrealized gain (loss)</link:label>
    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss_label_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securitized Debt Of Consolidated VIE, Unrealized Gain (Loss)</link:label>
    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss_documentation_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Securitized Debt Of Consolidated VIE, Unrealized Gain (Loss)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss" xlink:href="nly-20250331.xsd#nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss"/>
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    <link:label id="lab_nly_MultifamilyInterestOnlySecurityMember_ef9082e3-0ecb-47fa-aa41-32f87e888aa4_terseLabel_en-US" xlink:label="lab_nly_MultifamilyInterestOnlySecurityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Multifamily interest-only security</link:label>
    <link:label id="lab_nly_MultifamilyInterestOnlySecurityMember_label_en-US" xlink:label="lab_nly_MultifamilyInterestOnlySecurityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Multifamily Interest-Only Security [Member]</link:label>
    <link:label id="lab_nly_MultifamilyInterestOnlySecurityMember_documentation_en-US" xlink:label="lab_nly_MultifamilyInterestOnlySecurityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Multifamily Interest-Only Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MultifamilyInterestOnlySecurityMember" xlink:href="nly-20250331.xsd#nly_MultifamilyInterestOnlySecurityMember"/>
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    <link:label id="lab_us-gaap_SubsequentEventLineItems_09113fb6-cd79-4d07-ad1d-a5bbc18a3ce5_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event [Line Items]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventLineItems_label_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventLineItems" xlink:to="lab_us-gaap_SubsequentEventLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateScheduleTable_c16f0694-8734-4768-9068-879995a7ab84_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateScheduleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Schedule [Table]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateScheduleTable_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateScheduleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Schedule [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateScheduleTable" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MortgageLoansOnRealEstateScheduleTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateScheduleTable" xlink:to="lab_srt_MortgageLoansOnRealEstateScheduleTable" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal_a93d8eb4-3da0-47a2-8760-8cf8693e75f1_negatedLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Principal payments</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MortgageLoansOnRealEstateCollectionsOfPrincipal"/>
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    <link:label id="lab_ecd_NamedExecutiveOfficersFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_NamedExecutiveOfficersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Named Executive Officers, Footnote</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NamedExecutiveOfficersFnTextBlock" xlink:to="lab_ecd_NamedExecutiveOfficersFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherAssets_a205098c-da28-4135-aa83-68ae7d2c3cc8_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable_7d5e2ad5-9c9e-42ee-bade-4cc2ef68b973_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest receivable</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable"/>
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    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_3a171a15-ebc9-41ac-8a5e-f38f062dbc37_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis of Presentation</link:label>
    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromPaymentsToMinorityShareholders_c14fba52-de25-44eb-ad12-960fffe3fdf3_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net contributions (distributions) from (to) noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_ProceedsFromPaymentsToMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from (Payments to) Noncontrolling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromPaymentsToMinorityShareholders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:to="lab_us-gaap_ProceedsFromPaymentsToMinorityShareholders" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_GainLossOnTerminationOfInterestRateSwaps_a7c79d4a-e36f-43ff-bcdb-040f62934bb2_terseLabel_en-US" xlink:label="lab_nly_GainLossOnTerminationOfInterestRateSwaps" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized Gains (Losses) on Termination of Interest Rate Swaps</link:label>
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    <link:label id="lab_nly_GainLossOnTerminationOfInterestRateSwaps_documentation_en-US" xlink:label="lab_nly_GainLossOnTerminationOfInterestRateSwaps" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gain or loss on the termination of interest rate swap agreements recognized during the period.</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_1a61c4f0-db7b-4f2c-9f13-b2bde1ffad17_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value adjustment</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
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    <link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0da0f50d-d8dc-4b0d-8036-940d31ef4e36_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_38c9026f-f3d3-460b-88f7-7fc48949074d_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Weighted average shares of common stock outstanding-diluted (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure_bd2b88be-b098-4480-8088-55cc6d4e9864_terseLabel_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other derivatives</link:label>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Derivative Financial Instruments Liabilities Fair Value Disclosure</link:label>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure_documentation_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the fair value of derivative liabilities categorized as other as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:href="nly-20250331.xsd#nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:to="lab_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
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    <link:label id="lab_ecd_MnpiDiscTimedForCompValFlag_label_en-US" xlink:label="lab_ecd_MnpiDiscTimedForCompValFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MNPI Disclosure Timed for Compensation Value [Flag]</link:label>
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    <link:label id="lab_us-gaap_StockholdersEquity_160dd1e4-4180-448e-a8de-853f7326b55f_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total stockholders&#8217; equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock_60d56427-6fcf-469f-ac7a-4104e9387bde_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FINANCIAL INSTRUMENTS</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:to="lab_us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_68033736-f04d-4cb2-9158-2405ec813d31_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities</link:label>
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    <link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_6c0f0eba-ad50-429a-8306-889d29a54a6b_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Agreements and Similar Transactions, Maturity Periods [Axis]</link:label>
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    <link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_06fda83c-baf9-4547-b2c4-e0061670aec3_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Domain]</link:label>
    <link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems_85dd90f4-fa1b-47a2-aea4-e0db265d7116_terseLabel_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</link:label>
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    <link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_1a4143de-40ca-497a-beee-ad2fcef91eb9_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Stock [Domain]</link:label>
    <link:label id="lab_us-gaap_SaleOfStockNameOfTransactionDomain_label_en-US" xlink:label="lab_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Domain]</link:label>
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    <link:label id="lab_dei_DocumentFiscalPeriodFocus_d8ba26e8-ac5b-4469-b48d-a99ecf80662b_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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    <link:label id="lab_us-gaap_SeriesGPreferredStockMember_6dc79508-d4f6-4b2b-add4-844ccb6ece96_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Series G Preferred Stock</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesGPreferredStockMember" xlink:to="lab_us-gaap_SeriesGPreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllExecutiveCategoriesMember_terseLabel_en-US" xlink:label="lab_ecd_AllExecutiveCategoriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Executive Categories</link:label>
    <link:label id="lab_ecd_AllExecutiveCategoriesMember_label_en-US" xlink:label="lab_ecd_AllExecutiveCategoriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Executive Categories [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllExecutiveCategoriesMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AllExecutiveCategoriesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllExecutiveCategoriesMember" xlink:to="lab_ecd_AllExecutiveCategoriesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_2de3b689-b77a-4906-8f84-6b84ecc6460d_terseLabel_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Add: Effect of stock awards, if dilutive (in shares)</link:label>
    <link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_label_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement_016703fe-5e32-4ff6-85d6-148c3559808d_netLabel_en-US" xlink:label="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements</link:label>
    <link:label id="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement_5b8feb6c-9ebf-4877-b773-b41b29a65801_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Netted amounts</link:label>
    <link:label id="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement_b6d41b94-4c14-4ac8-9bf1-558c1ccb1cb7_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</link:label>
    <link:label id="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement_4e7dfd35-7afc-4885-b4b5-33a78d69ce47_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Netted amounts</link:label>
    <link:label id="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Sold under Agreement to Repurchase, Subject to Master Netting Arrangement, after Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChangedPeerGroupFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_ChangedPeerGroupFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changed Peer Group, Footnote</link:label>
    <link:label id="lab_ecd_ChangedPeerGroupFnTextBlock_label_en-US" xlink:label="lab_ecd_ChangedPeerGroupFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changed Peer Group, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChangedPeerGroupFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ChangedPeerGroupFnTextBlock"/>
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    <link:label id="lab_nly_ProceedsFromUSTreasurySecurities_af42819b-f534-4468-b200-1cbcc63d9c0f_terseLabel_en-US" xlink:label="lab_nly_ProceedsFromUSTreasurySecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from U.S. Treasury securities</link:label>
    <link:label id="lab_nly_ProceedsFromUSTreasurySecurities_label_en-US" xlink:label="lab_nly_ProceedsFromUSTreasurySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds From U.S. Treasury Securities</link:label>
    <link:label id="lab_nly_ProceedsFromUSTreasurySecurities_documentation_en-US" xlink:label="lab_nly_ProceedsFromUSTreasurySecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds From U.S. Treasury Securities sold, not yet purchased</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ProceedsFromUSTreasurySecurities" xlink:href="nly-20250331.xsd#nly_ProceedsFromUSTreasurySecurities"/>
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    <link:label id="lab_us-gaap_AssetsAbstract_7bd9111e-62e0-4c1e-9fdf-eeb812b9ff56_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage_a222f409-82c5-4698-b34f-933060171d8d_terseLabel_en-US" xlink:label="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional amount, percentage</link:label>
    <link:label id="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage_label_en-US" xlink:label="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Nonmonetary Notional Amount, Percentage</link:label>
    <link:label id="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage_documentation_en-US" xlink:label="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative, Nonmonetary Notional Amount, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:href="nly-20250331.xsd#nly_DerivativeNonmonetaryNotionalAmountPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:to="lab_nly_DerivativeNonmonetaryNotionalAmountPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_de04fe41-b3de-43c8-90c0-1f35bcccea06_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_a9e51b84-714f-4f3f-a1d0-e228f915cb22_terseLabel_en-US" xlink:label="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</link:label>
    <link:label id="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_label_en-US" xlink:label="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label id="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_documentation_en-US" xlink:label="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:href="nly-20250331.xsd#nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="lab_nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_NonAgencyMortgageBackedSecuritiesMember_4265ed13-6676-4a57-b699-ab9cf5db91bf_terseLabel_en-US" xlink:label="lab_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-agency mortgage-backed securities</link:label>
    <link:label id="lab_nly_NonAgencyMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Agency Mortgage-Backed Securities [Member]</link:label>
    <link:label id="lab_nly_NonAgencyMortgageBackedSecuritiesMember_documentation_en-US" xlink:label="lab_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-Agency Mortgage-Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:href="nly-20250331.xsd#nly_NonAgencyMortgageBackedSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:to="lab_nly_NonAgencyMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_d5966ad2-aadb-4671-9b2e-0c1f3f244610_verboseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Purchases / originations</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan</link:label>
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    <link:label id="lab_dei_DocumentType_2f968e49-f35a-4014-8a13-f44c27c3bb45_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeContractTypeDomain_d7aa51ec-894c-476c-8883-3cc870096b5d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Contract [Domain]</link:label>
    <link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Contract [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeContractTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps_af7dfdb7-4843-4125-ba77-158b257350d7_terseLabel_en-US" xlink:label="lab_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest paid (excluding interest paid on interest rate swaps)</link:label>
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    <link:label id="lab_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps_documentation_en-US" xlink:label="lab_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash paid on the difference between fixed and variable rate interest rate swap payments during the period.</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_7cfb54a8-5329-447a-a16d-72aa1471afa6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table Text Block]</link:label>
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    <link:label id="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet_a926dd1b-04f0-416d-884e-81539dd94ac1_negatedLabel_en-US" xlink:label="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Amortization of securitized debt premiums and discounts and deferred financing costs</link:label>
    <link:label id="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet_label_en-US" xlink:label="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization Of Securitized Debt Premiums And Discounts Net</link:label>
    <link:label id="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet_documentation_en-US" xlink:label="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization Of Securitized Debt Premiums And Discounts Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:href="nly-20250331.xsd#nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:to="lab_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability_84fa4f21-0d3c-4c58-b6f1-84edc262c847_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amounts offset</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BasisOfAccounting_f22ae7f9-0b4c-483f-ba0f-30c2508ebb15_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccounting" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BASIS OF PRESENTATION</link:label>
    <link:label id="lab_us-gaap_BasisOfAccounting_label_en-US" xlink:label="lab_us-gaap_BasisOfAccounting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccounting" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BasisOfAccounting"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccounting" xlink:to="lab_us-gaap_BasisOfAccounting" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember_249fbdf1-8327-4030-9f36-614080b0a562_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Secured Overnight Financing Rate</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember"/>
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    <link:label id="lab_us-gaap_SubsequentEventTable_019a6d67-dab3-4b93-b7a5-aee55c11bcef_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event [Table]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTable_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTable" xlink:to="lab_us-gaap_SubsequentEventTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ServicingAssetMeasurementInput_cd608526-ba64-4eaa-96b3-09b3dabbc18b_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MSR measurement inputs</link:label>
    <link:label id="lab_us-gaap_ServicingAssetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetMeasurementInput" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetMeasurementInput"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetMeasurementInput" xlink:to="lab_us-gaap_ServicingAssetMeasurementInput" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MaximumMember_5302b32b-5c82-4162-8110-f9dd69915c9e_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum</link:label>
    <link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MaximumMember"/>
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    <link:label id="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Valuation Assumption Difference, Footnote</link:label>
    <link:label id="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock_label_en-US" xlink:label="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Valuation Assumption Difference, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_EquityValuationAssumptionDifferenceFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:to="lab_ecd_EquityValuationAssumptionDifferenceFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell_18f4b0ff-144a-4b5e-b15b-6947c9d05e78_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse repurchase agreements</link:label>
    <link:label id="lab_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income, Securities Purchased under Agreements to Resell</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders_61b5add8-b157-43c5-afc4-5abac538f5d1_totalLabel_en-US" xlink:label="lab_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss) attributable to common stockholders</link:label>
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    <link:label id="lab_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders_documentation_en-US" xlink:label="lab_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Comprehensive income (loss) attributable to common stockholders.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders" xlink:href="nly-20250331.xsd#nly_ComprehensiveIncomeLossAttributableToCommonStockHolders"/>
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    <link:label id="lab_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock_5cff8d3c-12fa-4cab-b5ab-76b2be6ad2b5_terseLabel_en-US" xlink:label="lab_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental Information Regarding Leases</link:label>
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    <link:label id="lab_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock_documentation_en-US" xlink:label="lab_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lessee, Operating Leases, Supplemental Information [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_InvestmentTypeAxis_b0933dc8-92a8-4687-98c7-1bc7b8b1e75e_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment Type [Axis]</link:label>
    <link:label id="lab_us-gaap_InvestmentTypeAxis_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentTypeAxis"/>
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    <link:label id="lab_nly_InterestIncomeResidentialMortgageLoans_15954681-4e60-4010-b36f-655e61760679_terseLabel_en-US" xlink:label="lab_nly_InterestIncomeResidentialMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential mortgage loans</link:label>
    <link:label id="lab_nly_InterestIncomeResidentialMortgageLoans_label_en-US" xlink:label="lab_nly_InterestIncomeResidentialMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income Residential Mortgage Loans</link:label>
    <link:label id="lab_nly_InterestIncomeResidentialMortgageLoans_documentation_en-US" xlink:label="lab_nly_InterestIncomeResidentialMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest income residential mortgage loans.</link:label>
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    <link:label id="lab_srt_RangeAxis_f912db2f-b1b1-41ae-852c-3ef691ed0d0a_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeAxis"/>
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    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_1b67b836-8ee0-4cd5-b23d-75b4ea0d1ce6_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Income (loss) before income taxes</link:label>
    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
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    <link:label id="lab_ecd_NonPeoNeoAvgTotalCompAmt_terseLabel_en-US" xlink:label="lab_ecd_NonPeoNeoAvgTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Total Compensation Amount</link:label>
    <link:label id="lab_ecd_NonPeoNeoAvgTotalCompAmt_label_en-US" xlink:label="lab_ecd_NonPeoNeoAvgTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-PEO NEO Average Total Compensation Amount</link:label>
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    <link:label id="lab_ecd_OutstandingRecoveryIndName_terseLabel_en-US" xlink:label="lab_ecd_OutstandingRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_OutstandingRecoveryIndName_label_en-US" xlink:label="lab_ecd_OutstandingRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Recovery, Individual Name</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingRecoveryIndName" xlink:to="lab_ecd_OutstandingRecoveryIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_809cdca1-0ecf-4a17-a479-e65ba81f0049_terseLabel_en-US" xlink:label="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prime jumbo interest-only</link:label>
    <link:label id="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prime Jumbo Greater Than Or Equal To Two Thousand Ten Vintage interest only Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prime jumbo greater than or equal to two thousand ten vintage interest only mortgage backed securities available for sale.</link:label>
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    <link:label id="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR_53d21194-1df9-4d72-a7fe-e9d14015e10c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on purchases of MSR</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Mortgage Servicing Rights (MSR)</link:label>
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    <link:label id="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember_c64b1683-7cad-4592-b59e-508843b2a676_terseLabel_en-US" xlink:label="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustable-rate pass-through</link:label>
    <link:label id="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustable Rate Pass Through Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustable Rate Pass Through Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgPredtrmndFlag_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgPredtrmndFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing Predetermined</link:label>
    <link:label id="lab_ecd_AwardTmgPredtrmndFlag_label_en-US" xlink:label="lab_ecd_AwardTmgPredtrmndFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing Predetermined [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgPredtrmndFlag" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardTmgPredtrmndFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgPredtrmndFlag" xlink:to="lab_ecd_AwardTmgPredtrmndFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS_52a447ef-fde1-403e-92c8-20029465a252_totalLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net Realized Gains (Losses)</link:label>
    <link:label id="lab_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS_label_en-US" xlink:label="lab_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Sales of Mortgage-Backed Securities (MBS)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS"/>
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    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_6d2576e2-5d9b-4c7b-8190-2a92a7fcff73_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_c2699d85-d7f3-4db1-b7c1-3ac22961156f_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions paid to common stockholders after period end</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of Ordinary Dividends, Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue_c9675349-c185-4ce6-98e6-9cda8c900cbb_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than five years through ten years</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life Greater Than Five and Less Than Ten Years Fair Value</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents the fair value of debt securities with an expected life of greater than five years and less than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:to="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_883d2b5a-3123-472a-91da-b2384d74c2e6_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareDiluted"/>
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    <link:label id="lab_us-gaap_OtherGeneralAndAdministrativeExpense_b563fdad-cf3d-4414-bcdd-4d327579c172_terseLabel_en-US" xlink:label="lab_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other general and administrative expenses</link:label>
    <link:label id="lab_us-gaap_OtherGeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other General and Administrative Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherGeneralAndAdministrativeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_a6386f21-f9a4-45c7-8c85-d97ab1cc3081_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current income tax expense (benefit)</link:label>
    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
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    <link:label id="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock_terseLabel_en-US" xlink:label="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restatement does not require Recovery</link:label>
    <link:label id="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock_label_en-US" xlink:label="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restatement Does Not Require Recovery [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_RestatementDoesNotRequireRecoveryTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:to="lab_ecd_RestatementDoesNotRequireRecoveryTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockSharesIssued_7d1c0f41-3e43-40f8-9462-5a5cd8f1ec99_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock issued (shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesIssued_fe1fedb6-ddf9-4a66-8ad2-7726f91c47c6_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares Issued (in shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesIssued" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RepurchaseAgreementsAccruedInterest_ca37944c-7c47-4017-8f9c-43d8d9310ffc_terseLabel_en-US" xlink:label="lab_nly_RepurchaseAgreementsAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Secured financings and interest rate swaps - collateral held, accrued interest</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsAccruedInterest_label_en-US" xlink:label="lab_nly_RepurchaseAgreementsAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements Accrued Interest</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsAccruedInterest_documentation_en-US" xlink:label="lab_nly_RepurchaseAgreementsAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The accrued interest as of the balance sheet date of securities pledged as collateral that an institution holds on behalf of repurchase agreements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RepurchaseAgreementsAccruedInterest" xlink:href="nly-20250331.xsd#nly_RepurchaseAgreementsAccruedInterest"/>
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    <link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_9db80c34-6002-45d3-9014-ee5ea626dbd4_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions_431005a2-5110-4d69-9cce-0cb6d26a4099_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in valuation inputs or assumptions</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Changes in Fair Value Resulting from Changes in Valuation Inputs or Changes in Assumptions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" xlink:to="lab_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PrincipalPaymentsOnRepurchaseAgreements_9defcd28-9618-40fb-92eb-837be4dae1bc_negatedLabel_en-US" xlink:label="lab_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payments on repurchase agreements and other secured financing</link:label>
    <link:label id="lab_nly_PrincipalPaymentsOnRepurchaseAgreements_label_en-US" xlink:label="lab_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal payments on repurchase agreements</link:label>
    <link:label id="lab_nly_PrincipalPaymentsOnRepurchaseAgreements_documentation_en-US" xlink:label="lab_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of principal payments on repurchase agreements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:href="nly-20250331.xsd#nly_PrincipalPaymentsOnRepurchaseAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:to="lab_nly_PrincipalPaymentsOnRepurchaseAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_a6c123ff-e7b9-41af-9275-35622c1bf2c7_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Financial Instruments</link:label>
    <link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeCollateralObligationToReturnSecurities"/>
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    <link:label id="lab_nly_GainLossOnInvestmentsDebtAndDerivatives_4aef7dbd-c4b2-41e7-b6d4-8be9832203fe_negatedTerseLabel_en-US" xlink:label="lab_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net (gains) losses on investments and derivatives</link:label>
    <link:label id="lab_nly_GainLossOnInvestmentsDebtAndDerivatives_label_en-US" xlink:label="lab_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) On Investments, Debt and Derivatives</link:label>
    <link:label id="lab_nly_GainLossOnInvestmentsDebtAndDerivatives_documentation_en-US" xlink:label="lab_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gain (Loss) On Investments, Debt and Derivatives</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:href="nly-20250331.xsd#nly_GainLossOnInvestmentsDebtAndDerivatives"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:to="lab_nly_GainLossOnInvestmentsDebtAndDerivatives" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProfitLoss_60cf2a29-67c9-46d8-9e49-e7c1c07366ae_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_2d764088-c73a-410c-b3e5-edb4e7df107c_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_9099c48e-284a-4d5a-99f4-149df28aa141_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Income taxes</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_0103d388-f37e-426c-877a-6724d76157d6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax expense (benefit)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_97d59f8e-aef3-4377-b7bb-e0b7ff4b375b_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total income tax expense (benefit)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_5565257a-89f7-45d9-a7d5-b77eb3440ee9_netLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Income taxes</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_788ac2af-7a0d-4b3e-b233-f5f01eaf53b1_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current Notional</link:label>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_e2fcb07e-a572-4ff2-8845-22657098b797_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Underlying Notional</link:label>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_ed482b84-50c7-491c-8bda-729ec7e2428c_netLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Current notional</link:label>
    <link:label id="lab_us-gaap_DerivativeNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNotionalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeNotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount" xlink:to="lab_us-gaap_DerivativeNotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeAssets_37e42350-37df-441d-a96f-9ac5ec39ceb6_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative assets</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_a934ded7-54f4-4e99-b979-cf1722f5afbe_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total derivative assets</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_f68dffc1-9e37-47e6-9418-71499376e9a2_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Gross Amounts</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_f47d847e-bc66-4928-87dc-7514f8fe9969_netLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
    <link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract_245212d3-929a-417a-a9c3-60856b81771d_terseLabel_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Fair Value</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract_label_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities Estimated Weighted Average Life Fair Value [Abstract]</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract_documentation_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities Estimated Weighted Average Life Fair Value [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:href="nly-20250331.xsd#nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:to="lab_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpenseAbstract_42637b2e-ac41-421e-b1b2-95b15f0ddecc_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Operating and Nonoperating [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseAbstract" xlink:to="lab_us-gaap_InterestExpenseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RiskManagementAbstract_1b4c5329-ad6f-4db0-ab54-b2291e06abd9_terseLabel_en-US" xlink:label="lab_nly_RiskManagementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk Management [Abstract]</link:label>
    <link:label id="lab_nly_RiskManagementAbstract_label_en-US" xlink:label="lab_nly_RiskManagementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risk Management [Abstract]</link:label>
    <link:label id="lab_nly_RiskManagementAbstract_documentation_en-US" xlink:label="lab_nly_RiskManagementAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Risk Management [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RiskManagementAbstract" xlink:href="nly-20250331.xsd#nly_RiskManagementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_RiskManagementAbstract" xlink:to="lab_nly_RiskManagementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestExpenseParticipationSold_3980fc9e-45ab-4eed-93aa-8700525277b5_terseLabel_en-US" xlink:label="lab_nly_InterestExpenseParticipationSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Participations issued</link:label>
    <link:label id="lab_nly_InterestExpenseParticipationSold_label_en-US" xlink:label="lab_nly_InterestExpenseParticipationSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense Participation Sold</link:label>
    <link:label id="lab_nly_InterestExpenseParticipationSold_documentation_en-US" xlink:label="lab_nly_InterestExpenseParticipationSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest expense incurred during the reporting period on participation sold.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestExpenseParticipationSold" xlink:href="nly-20250331.xsd#nly_InterestExpenseParticipationSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestExpenseParticipationSold" xlink:to="lab_nly_InterestExpenseParticipationSold" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_50b28d5c-337c-40c3-8b14-f84450739b13_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpense_955a9e8e-53f2-4c7f-a25f-51fb9de2cb78_totalLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpense_aa800883-53dc-45a9-8a8d-cc09909da6e9_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Operating and Nonoperating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquityMethodInvestmentsPolicy_48e58d4a-5b6f-49fc-a087-78366bf7c646_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Method Investments</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentsPolicy_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Method Investments [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsPolicy" xlink:to="lab_us-gaap_EquityMethodInvestmentsPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllAdjToCompMember_terseLabel_en-US" xlink:label="lab_ecd_AllAdjToCompMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Adjustments to Compensation</link:label>
    <link:label id="lab_ecd_AllAdjToCompMember_label_en-US" xlink:label="lab_ecd_AllAdjToCompMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Adjustments to Compensation [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllAdjToCompMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AllAdjToCompMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllAdjToCompMember" xlink:to="lab_ecd_AllAdjToCompMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_5767cf61-517b-4eb9-b96e-42b48771b3d7_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Prepaid Expense and Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdditionalPaidInCapital_abe69b03-cf70-4570-9eca-bdbda976c461_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:label id="lab_us-gaap_AdditionalPaidInCapital_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid in Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapital" xlink:to="lab_us-gaap_AdditionalPaidInCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost_6c36526b-e09b-415b-aa1f-976a5a8c91b7_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than five years through ten years</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life Greater Than Five and Less Than Ten Years Amortized Cost</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of greater than five years and less than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost"/>
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    <link:label id="lab_dei_LegalEntityAxis_fc65ec55-2236-4bd6-a72f-b4183dbede40_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ResidentialInvestmentsMember_9225fcb5-e693-4bce-bddb-17ed104a9798_terseLabel_en-US" xlink:label="lab_nly_ResidentialInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total residential securities</link:label>
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    <link:label id="lab_us-gaap_LongtermDebtTypeDomain_02b64dde-b50b-4597-8ac8-b406ef3c2862_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_bd414e1f-af44-4ba5-be74-5f1491fcbd66_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract"/>
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    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_a51bcc79-264a-410f-a38f-56529f7747c2_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Instruments [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
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    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_e05e1d57-3063-4ba7-bb53-1a17793df941_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities and stockholders&#8217; equity</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OffsettingAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsLineItems" xlink:to="lab_us-gaap_OffsettingAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_b9f06ae2-1654-434c-bbfe-1ca968787ca8_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in valuation allowance</link:label>
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    <link:label id="lab_us-gaap_LoansReceivableHeldForSaleAmount_ab680722-897b-4f98-909e-d0c748b97f44_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans held-for-sale</link:label>
    <link:label id="lab_us-gaap_LoansReceivableHeldForSaleAmount_label_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Held-for-Sale</link:label>
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    <link:label id="lab_nly_UsTreasuryFuturesTenYearMember_6c3c56cc-726f-4e69-bf6c-8c59466f1e74_terseLabel_en-US" xlink:label="lab_nly_UsTreasuryFuturesTenYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. Treasury futures - 10 year and greater</link:label>
    <link:label id="lab_nly_UsTreasuryFuturesTenYearMember_label_en-US" xlink:label="lab_nly_UsTreasuryFuturesTenYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Us Treasury Futures, Ten Year [Member]</link:label>
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    <link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_cf007b1d-ffc3-46d0-8b23-158293c579af_terseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromInterestReceived_9af63347-00b7-4c33-9092-415adc107a27_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromInterestReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest received</link:label>
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    <link:label id="lab_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember_4ce9b8a7-bb2b-454d-adeb-5f886b0b836c_terseLabel_en-US" xlink:label="lab_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit risk transfer</link:label>
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    <link:label id="lab_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Risk Transfer Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_8c3e72b7-c2a5-414b-a4dc-429c49ca4282_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Available-for-sale Securities Reconciliation</link:label>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_be25b303-43ea-4914-b4f3-a789148d9007_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating lease right-of-use assets</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Right-of-Use Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ErrCompRecoveryTable_terseLabel_en-US" xlink:label="lab_ecd_ErrCompRecoveryTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Erroneously Awarded Compensation Recovery</link:label>
    <link:label id="lab_ecd_ErrCompRecoveryTable_label_en-US" xlink:label="lab_ecd_ErrCompRecoveryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Erroneously Awarded Compensation Recovery [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ErrCompRecoveryTable" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ErrCompRecoveryTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ErrCompRecoveryTable" xlink:to="lab_ecd_ErrCompRecoveryTable" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost_bd592bed-1cf3-44de-b7ba-5ed72f4bf1f2_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than ten years</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life After Ten Years Amortized Cost</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of greater than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:to="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_CA_1b22a471-2b59-4874-9208-aec8d97f6915_terseLabel_en-US" xlink:label="lab_stpr_CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">California</link:label>
    <link:label id="lab_stpr_CA_label_en-US" xlink:label="lab_stpr_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CALIFORNIA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_CA" xlink:href="https://xbrl.sec.gov/stpr/2024/stpr-2024.xsd#stpr_CA"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_CA" xlink:to="lab_stpr_CA" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialLiabilitiesFairValueDisclosure_8bc71025-894b-4036-8f1c-8d3318b0e203_totalLabel_en-US" xlink:label="lab_us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label id="lab_us-gaap_FinancialLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialLiabilitiesFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:to="lab_us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_cb46f91d-9de5-431f-bad4-18919978ba84_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">NET INCOME (LOSS) PER COMMON SHARE</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventMember_d38411ac-6439-48cf-b24b-a40aedcef843_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event</link:label>
    <link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnInvestments_917264c4-e485-494d-9d96-e6994bb66794_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net gains (losses) on investments and other</link:label>
    <link:label id="lab_us-gaap_GainLossOnInvestments_839f34d6-a4b3-4aa3-b614-73faf70ecede_verboseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses) on agency mortgage-backed securities</link:label>
    <link:label id="lab_us-gaap_GainLossOnInvestments_label_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments" xlink:to="lab_us-gaap_GainLossOnInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_726bfccd-86ff-4aa5-936b-e924a0b5eba7_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. Treasury securities sold, not yet purchased</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments Sold, Not yet Purchased, at Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:to="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_ec84f235-d1f1-4a8e-8037-08fa74f40673_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Taxes</link:label>
    <link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeerGroupIssuersFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Peer Group Issuers, Footnote</link:label>
    <link:label id="lab_ecd_PeerGroupIssuersFnTextBlock_label_en-US" xlink:label="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peer Group Issuers, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeerGroupIssuersFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeerGroupIssuersFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeerGroupIssuersFnTextBlock" xlink:to="lab_ecd_PeerGroupIssuersFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentDomain_ec15c19b-79be-4eb2-b8ef-39925047d372_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
    <link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SegmentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherDebtSecuritiesMember_459823cf-f703-42c1-ae47-694118cffe9e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other secured financing</link:label>
    <link:label id="lab_us-gaap_OtherDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Debt Obligations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherDebtSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDebtSecuritiesMember" xlink:to="lab_us-gaap_OtherDebtSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRepurchaseAgreements_40784ea0-3ceb-4d8f-8351-565b9071928f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRepurchaseAgreements_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Repurchase Agreements [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRepurchaseAgreements" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfRepurchaseAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRepurchaseAgreements" xlink:to="lab_us-gaap_ScheduleOfRepurchaseAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoMember_terseLabel_en-US" xlink:label="lab_ecd_PeoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO</link:label>
    <link:label id="lab_ecd_PeoMember_label_en-US" xlink:label="lab_ecd_PeoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoMember" xlink:to="lab_ecd_PeoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OBX2025NQM2Member_fc50aaa9-d11e-4d40-bf90-beb6fed2d5d1_terseLabel_en-US" xlink:label="lab_nly_OBX2025NQM2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM2</link:label>
    <link:label id="lab_nly_OBX2025NQM2Member_label_en-US" xlink:label="lab_nly_OBX2025NQM2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM2 [Member]</link:label>
    <link:label id="lab_nly_OBX2025NQM2Member_documentation_en-US" xlink:label="lab_nly_OBX2025NQM2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OBX2025NQM2Member" xlink:href="nly-20250331.xsd#nly_OBX2025NQM2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OBX2025NQM2Member" xlink:to="lab_nly_OBX2025NQM2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TrdArrIndName_terseLabel_en-US" xlink:label="lab_ecd_TrdArrIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_TrdArrIndName_label_en-US" xlink:label="lab_ecd_TrdArrIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrIndName" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TrdArrIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrIndName" xlink:to="lab_ecd_TrdArrIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PayableForInvestmentSecuritiesPurchased_0e0f390a-6db6-497d-b2d2-42d157d3613f_terseLabel_en-US" xlink:label="lab_nly_PayableForInvestmentSecuritiesPurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payable for unsettled trades</link:label>
    <link:label id="lab_nly_PayableForInvestmentSecuritiesPurchased_label_en-US" xlink:label="lab_nly_PayableForInvestmentSecuritiesPurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payable For Investment Securities Purchased</link:label>
    <link:label id="lab_nly_PayableForInvestmentSecuritiesPurchased_documentation_en-US" xlink:label="lab_nly_PayableForInvestmentSecuritiesPurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount payable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PayableForInvestmentSecuritiesPurchased" xlink:href="nly-20250331.xsd#nly_PayableForInvestmentSecuritiesPurchased"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PayableForInvestmentSecuritiesPurchased" xlink:to="lab_nly_PayableForInvestmentSecuritiesPurchased" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParticipatingMortgagesMember_75950979-3364-4970-ab35-a23fa05d60a2_terseLabel_en-US" xlink:label="lab_us-gaap_ParticipatingMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Participations issued</link:label>
    <link:label id="lab_us-gaap_ParticipatingMortgagesMember_label_en-US" xlink:label="lab_us-gaap_ParticipatingMortgagesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participating Mortgages [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingMortgagesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ParticipatingMortgagesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParticipatingMortgagesMember" xlink:to="lab_us-gaap_ParticipatingMortgagesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_abb3d3b8-a255-4d93-ae8b-f675378de7e6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table]</link:label>
    <link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_label_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:to="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral_3f2250fc-df4a-402c-b4ce-1c13aeb01ea3_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of securities sold</link:label>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase, Fair Value of Collateral</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm_acb8d16c-fdba-4db4-8aa8-924e52a0f857_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Remaining lease term (in years)</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Remaining Lease Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseRemainingLeaseTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm" xlink:to="lab_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage_3a83dca9-f661-481a-9fe2-ac89da19dd45_terseLabel_en-US" xlink:label="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements, remaining maturities, percentage</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage_label_en-US" xlink:label="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements, Maturity Greater Than One Year, Percentage</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage_documentation_en-US" xlink:label="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repurchase Agreements, Maturity Greater Than One Year, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:href="nly-20250331.xsd#nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:to="lab_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_3b5cee80-df1a-4529-9d80-b7a686ca7820_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Income (loss) from unconsolidated joint ventures</link:label>
    <link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income (Loss) from Equity Method Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleLineItems_3e8e11b9-3a37-4a7e-87c7-3c792ea04a70_terseLabel_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-For-Sale [Line Items]</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleLineItems_label_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-For-Sale [Line Items]</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleLineItems_documentation_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Debt Securities, Available-For-Sale [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:href="nly-20250331.xsd#nly_DebtSecuritiesAvailableForSaleLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:to="lab_nly_DebtSecuritiesAvailableForSaleLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_cfb648b8-9b7e-4ee9-b086-af20c5ea7049_terseLabel_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographic Concentrations Based on Unpaid Principal Balances</link:label>
    <link:label id="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_label_en-US" xlink:label="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="lab_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures, Table</link:label>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock_label_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardsCloseToMnpiDiscTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:to="lab_ecd_AwardsCloseToMnpiDiscTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_0f6e992d-1637-43d6-be64-ad63c8b5de94_verboseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividends payable</link:label>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_d283ae88-2fff-4ef3-9228-250f1d22bf5e_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends declared, not yet paid</link:label>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year</link:label>
    <link:label id="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember_label_en-US" xlink:label="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:to="lab_ecd_FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtErrCompAmt_terseLabel_en-US" xlink:label="lab_ecd_AggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Amount</link:label>
    <link:label id="lab_ecd_AggtErrCompAmt_label_en-US" xlink:label="lab_ecd_AggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AggtErrCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtErrCompAmt" xlink:to="lab_ecd_AggtErrCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_0da0a475-c3a7-4922-9c4e-1f757bc18b0b_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_2b2e5efd-fa32-43d2-a641-d38091c6aba0_terseLabel_en-US" xlink:label="lab_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock repurchase program, number of shares authorized to be repurchased (in shares)</link:label>
    <link:label id="lab_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_label_en-US" xlink:label="lab_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program, Authorized, Number of Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:to="lab_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_45d4be79-9419-4cff-9ba5-7f602e7733ea_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation allowance</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AggtErrCompNotYetDeterminedTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Not Yet Determined</link:label>
    <link:label id="lab_ecd_AggtErrCompNotYetDeterminedTextBlock_label_en-US" xlink:label="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Erroneous Compensation Not Yet Determined [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AggtErrCompNotYetDeterminedTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:to="lab_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_16eedfc3-7955-4792-a5c5-c49ef86f12cb_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate fair value of derivative instruments in a net liability position</link:label>
    <link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Net Liability Position, Aggregate Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeNetLiabilityPositionAggregateFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:to="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_694df5f1-bbb0-41af-a438-39883464c787_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net change in</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ProceedsFromParticipatingMortgageLoans_97a66b62-ec23-47d1-a56c-5940e4a57e30_terseLabel_en-US" xlink:label="lab_nly_ProceedsFromParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from participations issued</link:label>
    <link:label id="lab_nly_ProceedsFromParticipatingMortgageLoans_label_en-US" xlink:label="lab_nly_ProceedsFromParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Participating Mortgage Loans</link:label>
    <link:label id="lab_nly_ProceedsFromParticipatingMortgageLoans_documentation_en-US" xlink:label="lab_nly_ProceedsFromParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from Participating Mortgage Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ProceedsFromParticipatingMortgageLoans" xlink:href="nly-20250331.xsd#nly_ProceedsFromParticipatingMortgageLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ProceedsFromParticipatingMortgageLoans" xlink:to="lab_nly_ProceedsFromParticipatingMortgageLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoTotalCompAmt_terseLabel_en-US" xlink:label="lab_ecd_PeoTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Total Compensation Amount</link:label>
    <link:label id="lab_ecd_PeoTotalCompAmt_label_en-US" xlink:label="lab_ecd_PeoTotalCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Total Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoTotalCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeoTotalCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoTotalCompAmt" xlink:to="lab_ecd_PeoTotalCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_b6804bba-2a54-466e-a223-775df2ae9024_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability, Subject to Master Netting Arrangement, before Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_7d0b0849-b55c-4971-a364-494eda91d0e4_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Securities (includes pledged assets of $63,270,998 and $67,692,062, respectively)</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_0223f656-91d4-44bc-8d9b-9fae4eae11a3_netLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Pledged assets in securities</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_5c5302d0-b9b5-48cb-b410-9c736e87749b_periodStartLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance January 1, 2025</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_b27fbcfa-2c89-40c5-bb68-6e5f9975b893_periodEndLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance March 31, 2025</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_232db49c-2a8d-4b52-a16f-c683380ae176_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Fair Value</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale, Excluding Accrued Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_73669087-6265-4001-b2ed-b885e48fbc28_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Agreements</link:label>
    <link:label id="lab_us-gaap_DisclosureOfRepurchaseAgreementsAbstract_label_en-US" xlink:label="lab_us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Repurchase Agreements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisclosureOfRepurchaseAgreementsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:to="lab_us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_NonAgencyMbsMember_5e59858f-a39f-462d-956d-868996230ae4_terseLabel_en-US" xlink:label="lab_nly_NonAgencyMbsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Agency Mortgage-Backed Securities</link:label>
    <link:label id="lab_nly_NonAgencyMbsMember_label_en-US" xlink:label="lab_nly_NonAgencyMbsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non Agency MBS [Member]</link:label>
    <link:label id="lab_nly_NonAgencyMbsMember_documentation_en-US" xlink:label="lab_nly_NonAgencyMbsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non Agency MBS [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NonAgencyMbsMember" xlink:href="nly-20250331.xsd#nly_NonAgencyMbsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_NonAgencyMbsMember" xlink:to="lab_nly_NonAgencyMbsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtDisclosureAbstract_c567fb61-23eb-4890-b76d-8fdb6b19a534_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockMember_9f91eda5-2a79-4162-8d92-cb0ded985ac7_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, par value $0.01 per share</link:label>
    <link:label id="lab_us-gaap_CommonStockMember_a313c9be-bdc9-4ac6-801e-727593f0d5cb_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock</link:label>
    <link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_3435540a-b1d6-4d35-8d74-a907d2d6e3c7_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash Collateral</link:label>
    <link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeCollateralRightToReclaimCash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:to="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Expense of Enforcement, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Expense of Enforcement, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:to="lab_ecd_ForgoneRecoveryDueToExpenseOfEnforcementAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditMember_cbe2bb66-2b76-4fb2-a5f7-6596f522060c_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SegmentReportingAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries_a2726332-e92a-4923-8dcb-5cabfaa3a0ae_terseLabel_en-US" xlink:label="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net gains (losses) on derivatives</link:label>
    <link:label id="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries_label_en-US" xlink:label="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Gain (Loss) on Derivative, Net, Including US Treasuries</link:label>
    <link:label id="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries_documentation_en-US" xlink:label="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative, Gain (Loss) on Derivative, Net, Including US Treasuries</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:href="nly-20250331.xsd#nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:to="lab_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock_afb1a769-3e21-4453-ab3c-30de14cc0c2c_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio</link:label>
    <link:label id="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Fair Value And Unpaid Principal Balances Of Mortgage Loans [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of fair value and unpaid principal balances of mortgage loans.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:to="lab_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_6020fb17-ad1b-4f16-bdc3-2e162ac2bf6a_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation_2a3c8a60-1130-4a83-bd4f-288941258d43_terseLabel_en-US" xlink:label="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock-based award activity</link:label>
    <link:label id="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:to="lab_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MarginDepositAssets_25548f30-cdc5-40b2-b197-b1f68b8128d3_terseLabel_en-US" xlink:label="lab_us-gaap_MarginDepositAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Margin deposit assets</link:label>
    <link:label id="lab_us-gaap_MarginDepositAssets_label_en-US" xlink:label="lab_us-gaap_MarginDepositAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Margin Deposit Assets</link:label>
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    <link:label id="lab_us-gaap_PositionDomain_label_en-US" xlink:label="lab_us-gaap_PositionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Position [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PositionDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PositionDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PositionDomain" xlink:to="lab_us-gaap_PositionDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_207bb8b1-d644-4728-83c6-a04a9e2feb09_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Interest Entities</link:label>
    <link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_label_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_eb38e402-10c0-40c0-8c3d-df49d1e54c71_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode"/>
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    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleRollForward_13fd21cc-e283-49ec-b7c9-acc33e0d41e1_terseLabel_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-For-Sale [Roll Forward]</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleRollForward_label_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-For-Sale [Roll Forward]</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableForSaleRollForward_documentation_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableForSaleRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-For-Sale [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DebtSecuritiesAvailableForSaleRollForward" xlink:href="nly-20250331.xsd#nly_DebtSecuritiesAvailableForSaleRollForward"/>
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    <link:label id="lab_nly_PaymentsForPurchaseOfLoansOperatingActivities_26a492ca-6228-4f81-bc66-f0ad119a7a01_negatedTerseLabel_en-US" xlink:label="lab_nly_PaymentsForPurchaseOfLoansOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on purchases of loans held for sale</link:label>
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    <link:label id="lab_nly_PaymentsForPurchaseOfLoansOperatingActivities_documentation_en-US" xlink:label="lab_nly_PaymentsForPurchaseOfLoansOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments For Purchase Of Loans, Operating Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentsForPurchaseOfLoansOperatingActivities" xlink:href="nly-20250331.xsd#nly_PaymentsForPurchaseOfLoansOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PaymentsForPurchaseOfLoansOperatingActivities" xlink:to="lab_nly_PaymentsForPurchaseOfLoansOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost_0c992e9d-b98d-44d3-9545-e411402282ac_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Less than one year</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life of Less Than One Year Amortized Cost</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of less than one year of the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost"/>
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    <link:label id="lab_us-gaap_NonoperatingGainsLossesAbstract_46f19f90-00be-4a84-a0be-5bb6593b9c9c_terseLabel_en-US" xlink:label="lab_us-gaap_NonoperatingGainsLossesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other income (loss)</link:label>
    <link:label id="lab_us-gaap_NonoperatingGainsLossesAbstract_label_en-US" xlink:label="lab_us-gaap_NonoperatingGainsLossesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nonoperating Gains (Losses) [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingGainsLossesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NonoperatingGainsLossesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingGainsLossesAbstract" xlink:to="lab_us-gaap_NonoperatingGainsLossesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock_terseLabel_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Not Adopted</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:to="lab_ecd_InsiderTrdPoliciesProcNotAdoptedTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_1d0ee974-a81b-4c03-8e1f-ded62a511e1d_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of Company's Interest Income and Interest Expense</link:label>
    <link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income and Interest Expense Disclosure [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:to="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1_7870386e-9c43-4fc0-bea2-8d7f6e078707_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements, weighted average remaining maturities</link:label>
    <link:label id="lab_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1_label_en-US" xlink:label="lab_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1"/>
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    <link:label id="lab_us-gaap_PreferredStockMember_f51c7301-f7db-48ba-94b3-66538aaf4211_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock</link:label>
    <link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableTable_348c5724-1b16-4c90-ae93-7bbfe319ef0f_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Payable [Table]</link:label>
    <link:label id="lab_us-gaap_DividendsPayableTable_label_en-US" xlink:label="lab_us-gaap_DividendsPayableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableTable" xlink:to="lab_us-gaap_DividendsPayableTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember_442c1194-4387-4d17-82dd-b8d7a2c27ec0_terseLabel_en-US" xlink:label="lab_us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fannie Mae</link:label>
    <link:label id="lab_us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember_label_en-US" xlink:label="lab_us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember"/>
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    <link:label id="lab_dei_DocumentInformationLineItems_b80b5251-9b51-4b3d-8ec4-40e6d091e4f6_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems"/>
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    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_15171481-c48e-4c23-90e5-2b35639fd2da_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
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    <link:label id="lab_nly_MaturityPeriodOneMember_29048cbc-511d-4113-b831-271af19efde6_terseLabel_en-US" xlink:label="lab_nly_MaturityPeriodOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">0 - 3 years</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_nly_MaturityPeriodOneMember" xlink:href="nly-20250331.xsd#nly_MaturityPeriodOneMember"/>
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    <link:label id="lab_us-gaap_SubsequentEventTypeAxis_916f5e24-f072-4f64-afe4-f65cfa141ac6_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventsAbstract"/>
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    <link:label id="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_e318ba7f-be74-48b1-898a-35b214f71f55_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of stock, shares issued (in shares)</link:label>
    <link:label id="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_label_en-US" xlink:label="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock, Number of Shares Issued in Transaction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:to="lab_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_FinancialAssetsFairValueDisclosure_f1be6074-1e55-48ad-9f68-4ba97cff94f3_totalLabel_en-US" xlink:label="lab_nly_FinancialAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_nly_FinancialAssetsFairValueDisclosure_label_en-US" xlink:label="lab_nly_FinancialAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Assets, Fair Value Disclosure</link:label>
    <link:label id="lab_nly_FinancialAssetsFairValueDisclosure_documentation_en-US" xlink:label="lab_nly_FinancialAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial assets, fair value disclosure.</link:label>
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    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_29e8ce07-2223-42a5-8258-231b4af39aeb_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SECURED FINANCING</link:label>
    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_e3d5684e-6b39-47c3-8aea-823b5962bb03_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_RecoveryOfErrCompDisclosureLineItems_label_en-US" xlink:label="lab_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Recovery of Erroneously Awarded Compensation Disclosure [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_RecoveryOfErrCompDisclosureLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="lab_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DerivativeInstrumentsVariationMarginonCollateral_1e2e0289-a821-4eca-ad8b-8d3b64926a5c_terseLabel_en-US" xlink:label="lab_nly_DerivativeInstrumentsVariationMarginonCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variation margin</link:label>
    <link:label id="lab_nly_DerivativeInstrumentsVariationMarginonCollateral_label_en-US" xlink:label="lab_nly_DerivativeInstrumentsVariationMarginonCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments, Variation Margin on Collateral</link:label>
    <link:label id="lab_nly_DerivativeInstrumentsVariationMarginonCollateral_documentation_en-US" xlink:label="lab_nly_DerivativeInstrumentsVariationMarginonCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Instruments, Variation Margin on Collateral</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DerivativeInstrumentsVariationMarginonCollateral" xlink:href="nly-20250331.xsd#nly_DerivativeInstrumentsVariationMarginonCollateral"/>
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    <link:label id="lab_dei_EntityAddressPostalZipCode_71ede059-0393-4bb4-aabd-50614ce41860_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageBackedSecuritiesPortfolioLineItems_d359d7f9-1f66-407b-aadc-fb702a8e5b96_terseLabel_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesPortfolioLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities Portfolio [Line Items]</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesPortfolioLineItems_label_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesPortfolioLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities Portfolio [Line Items]</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesPortfolioLineItems_documentation_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesPortfolioLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities Portfolio [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageBackedSecuritiesPortfolioLineItems" xlink:href="nly-20250331.xsd#nly_MortgageBackedSecuritiesPortfolioLineItems"/>
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    <link:label id="lab_us-gaap_InterestRateSwapMember_4cca3d8e-ca52-40e3-9c15-1c84ddf25715_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps, at fair value</link:label>
    <link:label id="lab_us-gaap_InterestRateSwapMember_dcb1555e-6e4f-420f-b491-b49dc20e032c_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
    <link:label id="lab_us-gaap_InterestRateSwapMember_label_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swap [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateSwapMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestRateSwapMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateSwapMember" xlink:to="lab_us-gaap_InterestRateSwapMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_ef36aef1-2fed-41c6-99a5-bdc6ad634a96_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_b8ea98ea-bba2-4c50-88a6-a24b0fbc95ee_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income (Expense), Operating [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeExpenseNetAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNetAbstract" xlink:to="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember_terseLabel_en-US" xlink:label="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested</link:label>
    <link:label id="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember_label_en-US" xlink:label="lab_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember"/>
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    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_f9209bd2-ba28-49e4-b889-d7f5601e56b6_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Tax Expense (Benefit)</link:label>
    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Income Tax Expense (Benefit), Continuing Operations [Abstract]</link:label>
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    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized_ec4dee70-1cb2-43cd-8085-8e08fca38f2b_verboseLabel_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Face Value at Closing</link:label>
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized_c2ce12e9-07f8-43a8-8685-94dc6a4282e8_terseLabel_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential mortgage loan, face value</link:label>
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized_label_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan, Securitized or Asset-Backed Financing Arrangement, Principal Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PrincipalAmountOutstandingOnLoansSecuritized"/>
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    <link:label id="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember_terseLabel_en-US" xlink:label="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested</link:label>
    <link:label id="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember_label_en-US" xlink:label="lab_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember"/>
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    <link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_bee2acd6-3f56-4960-99ac-6f74b769dc67_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VIE, Not Primary Beneficiary</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Not Primary Beneficiary [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember"/>
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    <link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_c631ccab-7000-4de0-a3a0-f9bbc6d4df7f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurement [Domain]</link:label>
    <link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueDisclosureItemAmountsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember_b9e7ea4f-dce3-4c61-9af9-4a720a6380ff_terseLabel_en-US" xlink:label="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial real estate debt investments - CMBS</link:label>
    <link:label id="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember_label_en-US" xlink:label="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Real Estate Debt Investment, Securities, Recognized Through Earnings [Member]</link:label>
    <link:label id="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember_documentation_en-US" xlink:label="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial Real Estate Debt Investment, Securities, Recognized Through Earnings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:href="nly-20250331.xsd#nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:to="lab_nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToPeoCompFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AdjToPeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment To PEO Compensation, Footnote</link:label>
    <link:label id="lab_ecd_AdjToPeoCompFnTextBlock_label_en-US" xlink:label="lab_ecd_AdjToPeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment To PEO Compensation, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToPeoCompFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AdjToPeoCompFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToPeoCompFnTextBlock" xlink:to="lab_ecd_AdjToPeoCompFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds_416fc3f9-4561-4b6d-a45b-18c3f6d9f7a4_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets transferred or pledged to securitization vehicles</link:label>
    <link:label id="lab_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds_label_en-US" xlink:label="lab_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" xlink:to="lab_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OBX2025NQM3Member_bbf5f11a-529d-429e-a238-f61c41d84e40_terseLabel_en-US" xlink:label="lab_nly_OBX2025NQM3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM3</link:label>
    <link:label id="lab_nly_OBX2025NQM3Member_label_en-US" xlink:label="lab_nly_OBX2025NQM3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM3 [Member]</link:label>
    <link:label id="lab_nly_OBX2025NQM3Member_documentation_en-US" xlink:label="lab_nly_OBX2025NQM3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM3</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OBX2025NQM3Member" xlink:href="nly-20250331.xsd#nly_OBX2025NQM3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OBX2025NQM3Member" xlink:to="lab_nly_OBX2025NQM3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeAssetsAbstract_2fdfc544-8693-432b-adad-e87c8a59ec0a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_us-gaap_DerivativeAssetsAbstract_7a8c8a1a-f1da-4193-ad33-baf90102fbbe_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative assets</link:label>
    <link:label id="lab_us-gaap_DerivativeAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsAbstract" xlink:to="lab_us-gaap_DerivativeAssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_e37f2a0a-eef6-4335-81d2-1271fe16b939_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross amounts</link:label>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Sold under Agreement to Repurchase, Subject to Master Netting Arrangement, before Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_25183e14-a8f7-45d7-acfa-f3eff11465eb_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) available (related) to common stockholders</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Other Measure</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Other Measure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_CompActuallyPaidVsOtherMeasureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsOtherMeasureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTable_01012c7a-fed6-4e7c-870a-943b76444a5b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Stock by Class [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock, Class of Stock [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfStockByClassTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock_d002e93d-1ea5-4819-a6a8-fa83120f2210_terseLabel_en-US" xlink:label="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">RISK MANAGEMENT</link:label>
    <link:label id="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock_label_en-US" xlink:label="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risk Associated with Investments in Mortgage Loans and Mortgage Backed Securities Disclosure [Text Block]</link:label>
    <link:label id="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock_documentation_en-US" xlink:label="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element may be used to disclose all significant risks in connection with investment activities related to mortgage loans and mortgage backed securities. Risks include credit risk, interest rate risk, repurchase risk and other related items.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:href="nly-20250331.xsd#nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:to="lab_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year</link:label>
    <link:label id="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember_label_en-US" xlink:label="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:to="lab_ecd_VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Assets_e9ea2321-be75-4b7c-ab45-5a13772cf480_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_us-gaap_Assets_f19587c2-8fea-4ffb-88ad-7f8d352d02e3_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Assets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock_ff9b4bc6-068c-4876-9c80-ca4d33da8f1d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Presentation of Activity Related to MSR</link:label>
    <link:label id="lab_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Servicing Assets at Fair Value [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock" xlink:to="lab_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EmploymentContractsMember_7ac73933-51bd-4480-bfd4-b94369da5369_terseLabel_en-US" xlink:label="lab_us-gaap_EmploymentContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assembled workforce</link:label>
    <link:label id="lab_us-gaap_EmploymentContractsMember_label_en-US" xlink:label="lab_us-gaap_EmploymentContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employment Contracts [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmploymentContractsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmploymentContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmploymentContractsMember" xlink:to="lab_us-gaap_EmploymentContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_FicoScore_50c73304-98e5-4ec8-8909-bdf2a01fb56d_terseLabel_en-US" xlink:label="lab_nly_FicoScore" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FICO score at loan origination</link:label>
    <link:label id="lab_nly_FicoScore_label_en-US" xlink:label="lab_nly_FicoScore" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fico Score</link:label>
    <link:label id="lab_nly_FicoScore_documentation_en-US" xlink:label="lab_nly_FicoScore" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">FICO score.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_FicoScore" xlink:href="nly-20250331.xsd#nly_FicoScore"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_FicoScore" xlink:to="lab_nly_FicoScore" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PaymentsFromReliefOfSecuritizedDebt_e33fbc86-d33e-4d9e-8f11-0202772a9365_negatedTerseLabel_en-US" xlink:label="lab_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on purchases of securitized debt</link:label>
    <link:label id="lab_nly_PaymentsFromReliefOfSecuritizedDebt_label_en-US" xlink:label="lab_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments from Relief of Securitized Debt</link:label>
    <link:label id="lab_nly_PaymentsFromReliefOfSecuritizedDebt_documentation_en-US" xlink:label="lab_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments from Relief of Securitized Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:href="nly-20250331.xsd#nly_PaymentsFromReliefOfSecuritizedDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:to="lab_nly_PaymentsFromReliefOfSecuritizedDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Violation of Home Country Law, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Violation of Home Country Law, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ForgoneRecoveryDueToViolationOfHomeCountryLawAmt"/>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_2cd10f60-1e16-49e8-9239-72440a1d8422_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR_06ebd37f-0ac3-4adf-9744-c22d80bf9ffe_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of MSR</link:label>
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    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PvpTableTextBlock_terseLabel_en-US" xlink:label="lab_ecd_PvpTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure, Table</link:label>
    <link:label id="lab_ecd_PvpTableTextBlock_label_en-US" xlink:label="lab_ecd_PvpTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pay vs Performance [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PvpTableTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PvpTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PvpTableTextBlock" xlink:to="lab_ecd_PvpTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Excluding Value Reported in Compensation Table</link:label>
    <link:label id="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember_label_en-US" xlink:label="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Awards Adjustments, Excluding Value Reported in the Compensation Table [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:to="lab_ecd_EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_590afab4-7fae-4fec-9703-15753f568c10_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio_f7cec2c3-c9f8-4ad4-9043-af7ea8058e74_verboseLabel_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Unpaid principal balance</link:label>
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio_label_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan, Held-in-Portfolio, Principal Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio" xlink:to="lab_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_366d6987-a72b-432b-b15b-93e837a9107c_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidatedEntitiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_4c6f9321-cd6d-4d20-8ff9-f18318111930_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoncontrollingInterestMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_15a6f4be-df22-4cd8-a6f5-9ff9c032f0c3_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_2eb3d33a-9bac-4b35-91cd-3320c97a238c_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_eed8ca0b-8210-4f20-86e8-2b5179c7d97a_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal</link:label>
    <link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Federal Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_209da564-526a-4a82-9f6f-c348363deed5_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average number of common shares outstanding</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding Reconciliation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryIndName_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryIndName_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryIndName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Individual Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryIndName" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ForgoneRecoveryIndName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryIndName" xlink:to="lab_ecd_ForgoneRecoveryIndName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_45723dbc-f2e3-4e50-a553-5d65c6830822_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average remaining lease term</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Weighted Average Remaining Lease Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnderlyingAssetClassAxis_a2538fc7-f4fa-4392-995d-95fc1104fdf4_terseLabel_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying Asset Class [Axis]</link:label>
    <link:label id="lab_us-gaap_UnderlyingAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Asset Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnderlyingAssetClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnderlyingAssetClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnderlyingAssetClassAxis" xlink:to="lab_us-gaap_UnderlyingAssetClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_CreditRiskTransferSecuritiesMember_ce4bb8bf-6d5b-4c84-b74b-8dd06862e568_verboseLabel_en-US" xlink:label="lab_nly_CreditRiskTransferSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Residential credit risk transfer securities</link:label>
    <link:label id="lab_nly_CreditRiskTransferSecuritiesMember_6fa605d0-a3ae-441c-9673-8ffb7a1f792a_terseLabel_en-US" xlink:label="lab_nly_CreditRiskTransferSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CRTs</link:label>
    <link:label id="lab_nly_CreditRiskTransferSecuritiesMember_label_en-US" xlink:label="lab_nly_CreditRiskTransferSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Risk Transfer Securities [Member]</link:label>
    <link:label id="lab_nly_CreditRiskTransferSecuritiesMember_documentation_en-US" xlink:label="lab_nly_CreditRiskTransferSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Risk Transfer Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_CreditRiskTransferSecuritiesMember" xlink:href="nly-20250331.xsd#nly_CreditRiskTransferSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_CreditRiskTransferSecuritiesMember" xlink:to="lab_nly_CreditRiskTransferSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_Maturity90To119DaysMember_0230d8e0-ded6-44f3-a45b-5b8e16db6462_terseLabel_en-US" xlink:label="lab_nly_Maturity90To119DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">90 to 119 days</link:label>
    <link:label id="lab_nly_Maturity90To119DaysMember_label_en-US" xlink:label="lab_nly_Maturity90To119DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity 90 to 119 Days [Member]</link:label>
    <link:label id="lab_nly_Maturity90To119DaysMember_documentation_en-US" xlink:label="lab_nly_Maturity90To119DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of maturity for a group of securities or other assets sold under repurchase agreements which mature between 90 to 119 days from the reporting date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_Maturity90To119DaysMember" xlink:href="nly-20250331.xsd#nly_Maturity90To119DaysMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_Maturity90To119DaysMember" xlink:to="lab_nly_Maturity90To119DaysMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardTmgMnpiCnsdrdFlag_terseLabel_en-US" xlink:label="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Considered</link:label>
    <link:label id="lab_ecd_AwardTmgMnpiCnsdrdFlag_label_en-US" xlink:label="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Timing MNPI Considered [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardTmgMnpiCnsdrdFlag" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardTmgMnpiCnsdrdFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardTmgMnpiCnsdrdFlag" xlink:to="lab_ecd_AwardTmgMnpiCnsdrdFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements_e0a58b9d-33e1-4ac1-8115-eee8073d731b_terseLabel_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreement amount</link:label>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements_label_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase, Maximum Available Under Counterparty Arrangements</link:label>
    <link:label id="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements_documentation_en-US" xlink:label="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase, Maximum Available Under Counterparty Arrangements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:href="nly-20250331.xsd#nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:to="lab_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OutstandingAggtErrCompAmt_terseLabel_en-US" xlink:label="lab_ecd_OutstandingAggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Outstanding Aggregate Erroneous Compensation Amount</link:label>
    <link:label id="lab_ecd_OutstandingAggtErrCompAmt_label_en-US" xlink:label="lab_ecd_OutstandingAggtErrCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding Aggregate Erroneous Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OutstandingAggtErrCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_OutstandingAggtErrCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OutstandingAggtErrCompAmt" xlink:to="lab_ecd_OutstandingAggtErrCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTextBlock_d87a0726-4eab-4a53-8310-4cd7d5236d39_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Stock by Class</link:label>
    <link:label id="lab_us-gaap_ScheduleOfStockByClassTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Stock by Class [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfStockByClassTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTextBlock" xlink:to="lab_us-gaap_ScheduleOfStockByClassTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_70eefc40-f113-4349-a410-240753198b0a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageServicingRightsSegmentMember_7869631e-f53d-4590-862c-192905edc63b_terseLabel_en-US" xlink:label="lab_nly_MortgageServicingRightsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MSR</link:label>
    <link:label id="lab_nly_MortgageServicingRightsSegmentMember_label_en-US" xlink:label="lab_nly_MortgageServicingRightsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Servicing Rights Segment [Member]</link:label>
    <link:label id="lab_nly_MortgageServicingRightsSegmentMember_documentation_en-US" xlink:label="lab_nly_MortgageServicingRightsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Servicing Rights Segment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageServicingRightsSegmentMember" xlink:href="nly-20250331.xsd#nly_MortgageServicingRightsSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageServicingRightsSegmentMember" xlink:to="lab_nly_MortgageServicingRightsSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AgencySegmentMember_12ee9c4e-a6ec-4078-953e-a961325be205_terseLabel_en-US" xlink:label="lab_nly_AgencySegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Agency</link:label>
    <link:label id="lab_nly_AgencySegmentMember_label_en-US" xlink:label="lab_nly_AgencySegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Agency Segment [Member]</link:label>
    <link:label id="lab_nly_AgencySegmentMember_documentation_en-US" xlink:label="lab_nly_AgencySegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Agency Segment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AgencySegmentMember" xlink:href="nly-20250331.xsd#nly_AgencySegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AgencySegmentMember" xlink:to="lab_nly_AgencySegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoActuallyPaidCompAmt_terseLabel_en-US" xlink:label="lab_ecd_PeoActuallyPaidCompAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Actually Paid Compensation Amount</link:label>
    <link:label id="lab_ecd_PeoActuallyPaidCompAmt_label_en-US" xlink:label="lab_ecd_PeoActuallyPaidCompAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Actually Paid Compensation Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoActuallyPaidCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeoActuallyPaidCompAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoActuallyPaidCompAmt" xlink:to="lab_ecd_PeoActuallyPaidCompAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock_0075127c-0473-47a3-aa8d-0efcc7c2037f_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Unrealized Losses on Investments</link:label>
    <link:label id="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Unrealized Losses on Investments [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of Unrealized Losses on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:to="lab_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AdjToCompAxis_terseLabel_en-US" xlink:label="lab_ecd_AdjToCompAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation:</link:label>
    <link:label id="lab_ecd_AdjToCompAxis_label_en-US" xlink:label="lab_ecd_AdjToCompAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment to Compensation [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToCompAxis" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AdjToCompAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AdjToCompAxis" xlink:to="lab_ecd_AdjToCompAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_9f8141d1-a21b-4198-a981-edb81acdff2f_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_9eaea651-1a9a-4581-bdfa-169a5c9798d6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_efee80e9-b7a2-41b6-888e-4e80d76a32f5_netLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Less: Net income (loss) attributable to noncontrolling interest</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_5631f41b-4d9a-4c33-86b0-6b0623b5afea_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_1df05523-efd7-4b58-ae1d-fcf95879624a_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:to="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_25e2ca0f-2ea5-4473-86b1-11bd2e1e5775_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exposure to obligations of VIEs</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentQuarterlyReport_40aa2e73-43c5-44de-b3e3-7661a464a13d_terseLabel_en-US" xlink:label="lab_dei_DocumentQuarterlyReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Quarterly Report</link:label>
    <link:label id="lab_dei_DocumentQuarterlyReport_label_en-US" xlink:label="lab_dei_DocumentQuarterlyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Quarterly Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentQuarterlyReport" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentQuarterlyReport"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentQuarterlyReport" xlink:to="lab_dei_DocumentQuarterlyReport" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_07163b27-bf31-4ff4-89d1-8812e65c6af4_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase_f4e15b57-83cd-4f98-bb8a-41c6c386ed27_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. Treasury securities sold, not yet purchased</link:label>
    <link:label id="lab_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase_label_en-US" xlink:label="lab_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Securities Sold under Agreements to Repurchase</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:to="lab_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpenseOperating_c9276183-92b2-4c1e-85f7-deb3db925e39_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpenseOperating_label_en-US" xlink:label="lab_us-gaap_InterestExpenseOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense, Operating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOperating" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseOperating"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseOperating" xlink:to="lab_us-gaap_InterestExpenseOperating" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SaleofStockOfferingPrice_d6c3b8a5-994a-463e-babd-0b261293c8f6_terseLabel_en-US" xlink:label="lab_nly_SaleofStockOfferingPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate stock offering price (up to)</link:label>
    <link:label id="lab_nly_SaleofStockOfferingPrice_label_en-US" xlink:label="lab_nly_SaleofStockOfferingPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock, Offering Price</link:label>
    <link:label id="lab_nly_SaleofStockOfferingPrice_documentation_en-US" xlink:label="lab_nly_SaleofStockOfferingPrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sale of Stock, Offering Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SaleofStockOfferingPrice" xlink:href="nly-20250331.xsd#nly_SaleofStockOfferingPrice"/>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_b86ed9ab-2a4d-40a6-aadb-7a0ebc493ee5_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PnsnAdjsSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_PnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension Adjustments Service Cost</link:label>
    <link:label id="lab_ecd_PnsnAdjsSvcCstMember_label_en-US" xlink:label="lab_ecd_PnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Adjustments Service Cost [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PnsnAdjsSvcCstMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PnsnAdjsSvcCstMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PnsnAdjsSvcCstMember" xlink:to="lab_ecd_PnsnAdjsSvcCstMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_6f2d89e6-26cc-4a7c-b521-2fac47427545_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_b18a962c-3012-4d33-a4ee-11da5f2ab8d9_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Weighted average shares of common stock outstanding-basic (in shares)</link:label>
    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
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    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_04c5c324-8b76-4680-91a4-decd38bd402f_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
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    <link:label id="lab_nly_ToBeAnnouncedSecuritiesCost_9ea140ca-c867-4882-ba4f-0a505f4ea0b4_terseLabel_en-US" xlink:label="lab_nly_ToBeAnnouncedSecuritiesCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Implied Cost Basis</link:label>
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    <link:label id="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageMortgageBackedSecuritiesAvailableForSaleMember_8d18456e-51eb-48e5-843d-e2c208adcb5c_terseLabel_en-US" xlink:label="lab_nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prime jumbo (&gt;=2010 vintage)</link:label>
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    <link:label id="lab_ecd_AwardsCloseToMnpiDiscIndName_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscIndName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
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    <link:label id="lab_nly_DerivativeInstrumentsMaximumMaturityPeriod_b810aba1-89c7-4449-85ce-fe20871fde71_terseLabel_en-US" xlink:label="lab_nly_DerivativeInstrumentsMaximumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum maturity period</link:label>
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    <link:label id="lab_us-gaap_FederalFundsEffectiveSwapRateMember_80a78c13-178d-4027-84c4-b8ba65763859_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsEffectiveSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal funds index swap</link:label>
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    <link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities_544888cf-929f-4a3a-be5e-effd4c7b6df9_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Financial Instruments</link:label>
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    <link:label id="lab_srt_RangeMember_49acccdf-ec25-446c-83ff-f4503d0ff3c9_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_45446ab3-f67d-4df4-a32f-7db91dfb1d4e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Unrealized Losses</link:label>
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    <link:label id="lab_nly_Maturity2To29DaysMember_ec4b73c7-68e5-42cb-84f0-c93018d19440_terseLabel_en-US" xlink:label="lab_nly_Maturity2To29DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2 to 29 days</link:label>
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    <link:label id="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_d826ce88-8d80-4dc3-8b55-f47e2dc6a6f1_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">INTEREST INCOME AND INTEREST EXPENSE</link:label>
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    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure_documentation_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Securitized debt of consolidated VIEs fair value disclosure.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure" xlink:href="nly-20250331.xsd#nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure" xlink:to="lab_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount_c6614299-baef-4434-bd86-5a0a62570156_negatedTerseLabel_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Remaining Discount</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount_label_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Remaining Discount</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount_documentation_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Remaining Discount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:href="nly-20250331.xsd#nly_DebtSecuritiesAvailableforsaleRemainingDiscount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:to="lab_nly_DebtSecuritiesAvailableforsaleRemainingDiscount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_275f3559-7729-4711-adbe-3644ceeefe61_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Certain Characteristics of Derivatives</link:label>
    <link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock"/>
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    <link:label id="lab_us-gaap_SegmentReportingInformationLineItems_ae126897-3a40-4d77-bd70-2d0b2d9b8403_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment Reporting Information [Line Items]</link:label>
    <link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SegmentReportingInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllTradingArrangementsMember_terseLabel_en-US" xlink:label="lab_ecd_AllTradingArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Trading Arrangements</link:label>
    <link:label id="lab_ecd_AllTradingArrangementsMember_label_en-US" xlink:label="lab_ecd_AllTradingArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Trading Arrangements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllTradingArrangementsMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AllTradingArrangementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AllTradingArrangementsMember" xlink:to="lab_ecd_AllTradingArrangementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Net Income</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Net Income [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_CompActuallyPaidVsNetIncomeTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsNetIncomeTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_5f488bb4-5794-4720-8027-3ab9ae198426_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Net Income (Loss) Per Share Reconciliation</link:label>
    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_515678e1-9270-422c-9bbc-fcb74b19ae21_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated VIEs</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_Rule10b51ArrAdoptedFlag_terseLabel_en-US" xlink:label="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted</link:label>
    <link:label id="lab_ecd_Rule10b51ArrAdoptedFlag_label_en-US" xlink:label="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_Rule10b51ArrAdoptedFlag" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_Rule10b51ArrAdoptedFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_Rule10b51ArrAdoptedFlag" xlink:to="lab_ecd_Rule10b51ArrAdoptedFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities_8f74cb10-c1ad-4371-b1cb-61224675422d_terseLabel_en-US" xlink:label="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net receipts (payments) on derivatives</link:label>
    <link:label id="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities_label_en-US" xlink:label="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments For Proceeds From Derivative Instrument Operating Activities</link:label>
    <link:label id="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities_documentation_en-US" xlink:label="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash outflow or inflow for derivative instruments during the period, which are classified as operating activities, excluding those designated as hedging instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:href="nly-20250331.xsd#nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:to="lab_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTable_terseLabel_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures</link:label>
    <link:label id="lab_ecd_AwardsCloseToMnpiDiscTable_label_en-US" xlink:label="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Awards Close in Time to MNPI Disclosures [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardsCloseToMnpiDiscTable" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardsCloseToMnpiDiscTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardsCloseToMnpiDiscTable" xlink:to="lab_ecd_AwardsCloseToMnpiDiscTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLineItems_306b3e7d-e3a7-451c-8f98-aea587cd110d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative [Line Items]</link:label>
    <link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLineItems" xlink:to="lab_us-gaap_DerivativeLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_bdccc469-f747-4e45-9af0-67dace4fb646_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes received (paid)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Taxes Paid, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxesPaidNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities_f123866e-23cc-4893-a0f6-3889c7e30266_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of loans</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Held-to-Maturity Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities"/>
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    <link:label id="lab_ecd_PayVsPerformanceDisclosureLineItems_label_en-US" xlink:label="lab_ecd_PayVsPerformanceDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pay vs Performance Disclosure [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PayVsPerformanceDisclosureLineItems" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PayVsPerformanceDisclosureLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PayVsPerformanceDisclosureLineItems" xlink:to="lab_ecd_PayVsPerformanceDisclosureLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember_67d1694c-7c48-46c9-a135-cdf1ddf229bc_terseLabel_en-US" xlink:label="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subprime</link:label>
    <link:label id="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subprime Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subprime Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember"/>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeerGroupTotalShareholderRtnAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeerGroupTotalShareholderRtnAmt"/>
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    <link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_534e2540-61ba-4a79-9e0c-241a9636eb82_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential Credit Securities</link:label>
    <link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residential Mortgage-Backed Securities [Member]</link:label>
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    <link:label id="lab_us-gaap_DerivativeTable_4bf10c40-8e41-46f0-a529-a26e55716d56_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative [Table]</link:label>
    <link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember_53bb4372-1ac0-4d33-b469-b5249f6ab57e_terseLabel_en-US" xlink:label="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prime interest-only</link:label>
    <link:label id="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prime Interest-only Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prime Interest-only Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_622f8b8a-49ea-4b93-bc75-7883e963db2c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred Tax Expense (Benefit)</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_TX_402459c9-afbc-47cb-b149-aa78feae4b70_terseLabel_en-US" xlink:label="lab_stpr_TX" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Texas</link:label>
    <link:label id="lab_stpr_TX_label_en-US" xlink:label="lab_stpr_TX" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TEXAS</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_TX" xlink:href="https://xbrl.sec.gov/stpr/2024/stpr-2024.xsd#stpr_TX"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_TX" xlink:to="lab_stpr_TX" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FutureMember_a5b1ae8b-7345-4c1c-bbda-aa2f7169fc9b_terseLabel_en-US" xlink:label="lab_us-gaap_FutureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Futures</link:label>
    <link:label id="lab_us-gaap_FutureMember_02206147-7a06-427e-841b-c49f23f9f915_verboseLabel_en-US" xlink:label="lab_us-gaap_FutureMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Futures contracts, at fair value</link:label>
    <link:label id="lab_us-gaap_FutureMember_label_en-US" xlink:label="lab_us-gaap_FutureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Future [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FutureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FutureMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FutureMember" xlink:to="lab_us-gaap_FutureMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_Maturity60To89DaysMember_2f7e9ac4-ddcc-4465-8a44-6b1b0e5c2205_terseLabel_en-US" xlink:label="lab_nly_Maturity60To89DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">60 to 89 days</link:label>
    <link:label id="lab_nly_Maturity60To89DaysMember_label_en-US" xlink:label="lab_nly_Maturity60To89DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity 60 to 89 Days [Member]</link:label>
    <link:label id="lab_nly_Maturity60To89DaysMember_documentation_en-US" xlink:label="lab_nly_Maturity60To89DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of maturity for a group of securities or other assets sold under repurchase agreements which mature between 60 to 89 days from the reporting date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_Maturity60To89DaysMember" xlink:href="nly-20250331.xsd#nly_Maturity60To89DaysMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_Maturity60To89DaysMember" xlink:to="lab_nly_Maturity60To89DaysMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MeasurementInputCostToServiceMember_cc67a310-a7fa-4d63-9705-826d8afa7c6a_terseLabel_en-US" xlink:label="lab_nly_MeasurementInputCostToServiceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost to service</link:label>
    <link:label id="lab_nly_MeasurementInputCostToServiceMember_label_en-US" xlink:label="lab_nly_MeasurementInputCostToServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Cost To Service [Member]</link:label>
    <link:label id="lab_nly_MeasurementInputCostToServiceMember_documentation_en-US" xlink:label="lab_nly_MeasurementInputCostToServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Cost To Service</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MeasurementInputCostToServiceMember" xlink:href="nly-20250331.xsd#nly_MeasurementInputCostToServiceMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MeasurementInputCostToServiceMember" xlink:to="lab_nly_MeasurementInputCostToServiceMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_OtherPerfMeasureAmt_terseLabel_en-US" xlink:label="lab_ecd_OtherPerfMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Performance Measure, Amount</link:label>
    <link:label id="lab_ecd_OtherPerfMeasureAmt_label_en-US" xlink:label="lab_ecd_OtherPerfMeasureAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Performance Measure, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_OtherPerfMeasureAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_OtherPerfMeasureAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_OtherPerfMeasureAmt" xlink:to="lab_ecd_OtherPerfMeasureAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_dab369fe-a5c0-4d64-be5b-e45e71bfd6d4_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LEASE COMMITMENTS AND CONTINGENCIES</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Leases [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_f41852c3-b4b8-4d60-af14-32e4ae0cd62d_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock outstanding (shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_1505263b-fbc0-496a-a400-85cdc34b9ec5_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Shares, Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseCost_aab88b8f-d8c6-46b9-aea5-b65dfb11cced_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease cost</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AgencyMortgageBackedSecuritiesMember_645b9c27-3c29-49ca-a714-4f4854c9bec6_verboseLabel_en-US" xlink:label="lab_nly_AgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Agency Mortgage-Backed Securities</link:label>
    <link:label id="lab_nly_AgencyMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_nly_AgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Agency Mortgage Backed Securities [Member]</link:label>
    <link:label id="lab_nly_AgencyMortgageBackedSecuritiesMember_documentation_en-US" xlink:label="lab_nly_AgencyMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Agency Mortgage Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AgencyMortgageBackedSecuritiesMember" xlink:href="nly-20250331.xsd#nly_AgencyMortgageBackedSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AgencyMortgageBackedSecuritiesMember" xlink:to="lab_nly_AgencyMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentsAllOtherInvestmentsAbstract_1d654a7d-d36b-4628-984c-54aa1529113e_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments, All Other Investments [Abstract]</link:label>
    <link:label id="lab_us-gaap_InvestmentsAllOtherInvestmentsAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments, All Other Investments [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsAllOtherInvestmentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:to="lab_us-gaap_InvestmentsAllOtherInvestmentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_9aea86fd-4ab9-4cfb-8237-b39e2e9eddd2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Gross Realized Losses</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale, Realized Loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MaturityPeriodTwoMember_0d9fbcdc-dd96-4395-b0ff-51401b920871_terseLabel_en-US" xlink:label="lab_nly_MaturityPeriodTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">3 - 6 years</link:label>
    <link:label id="lab_nly_MaturityPeriodTwoMember_label_en-US" xlink:label="lab_nly_MaturityPeriodTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Period Two [Member]</link:label>
    <link:label id="lab_nly_MaturityPeriodTwoMember_documentation_en-US" xlink:label="lab_nly_MaturityPeriodTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maturity Period Two [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MaturityPeriodTwoMember" xlink:href="nly-20250331.xsd#nly_MaturityPeriodTwoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MaturityPeriodTwoMember" xlink:to="lab_nly_MaturityPeriodTwoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_2f5e823c-f501-40db-9e69-51e6125435d1_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ShareRepurchaseProgramMember_d5b5704e-dc8e-4e15-9148-db5b3e4e1def_terseLabel_en-US" xlink:label="lab_nly_ShareRepurchaseProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share Repurchase Program</link:label>
    <link:label id="lab_nly_ShareRepurchaseProgramMember_label_en-US" xlink:label="lab_nly_ShareRepurchaseProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Member]</link:label>
    <link:label id="lab_nly_ShareRepurchaseProgramMember_documentation_en-US" xlink:label="lab_nly_ShareRepurchaseProgramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share Repurchase Program</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ShareRepurchaseProgramMember" xlink:href="nly-20250331.xsd#nly_ShareRepurchaseProgramMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ShareRepurchaseProgramMember" xlink:to="lab_nly_ShareRepurchaseProgramMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_9eb59484-f3c5-4a08-8489-326676e92443_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Asset, Finite-Lived [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TreasuryStockSharesAcquired_d7232eea-c2fa-4ede-9a76-339b2a6dce41_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares repurchased (in shares)</link:label>
    <link:label id="lab_us-gaap_TreasuryStockSharesAcquired_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Stock, Shares, Acquired</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockSharesAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_07fa8194-43e4-4c1d-afc0-02fe17dfc76b_terseLabel_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LOANS</link:label>
    <link:label id="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_562e5e5d-4871-4e1f-bf4b-1fc57382678a_terseLabel_en-US" xlink:label="lab_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sale of stock</link:label>
    <link:label id="lab_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_label_en-US" xlink:label="lab_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock, Consideration Received on Transaction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:to="lab_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_a02900ef-351d-4c7c-9439-c18846122700_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summarizes Fair Value Information about Derivative Assets Liabilities</link:label>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Instruments [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfDerivativeInstrumentsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RepurchaseAgreementsPolicyTextBlock_a9458629-7b7d-4088-a3e6-f25e468396e3_terseLabel_en-US" xlink:label="lab_nly_RepurchaseAgreementsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse Repurchase and Repurchase Agreements</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsPolicyTextBlock_label_en-US" xlink:label="lab_nly_RepurchaseAgreementsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements [Policy Text Block]</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsPolicyTextBlock_documentation_en-US" xlink:label="lab_nly_RepurchaseAgreementsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">A description of a company's accounting policy related to repurchase agreements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RepurchaseAgreementsPolicyTextBlock" xlink:href="nly-20250331.xsd#nly_RepurchaseAgreementsPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_RepurchaseAgreementsPolicyTextBlock" xlink:to="lab_nly_RepurchaseAgreementsPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_a99b8969-84ca-456e-9861-b597e9b07ae5_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementEquityComponentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_03bed962-130a-4899-9ffd-c5fc8c099f0f_periodStartLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Fair value, beginning of period</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_e1acc73a-a204-410f-998a-28b688b3f82b_periodEndLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Fair value, end of period</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_25707d22-9550-48a3-82dc-f899965f176a_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage servicing rights</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmount_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtFairValueAmount" xlink:to="lab_us-gaap_ServicingAssetAtFairValueAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeAssetNotionalAmount_c2d860b4-e233-4dfd-99bc-f2573571854e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional</link:label>
    <link:label id="lab_us-gaap_DerivativeAssetNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset, Notional Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNotionalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssetNotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNotionalAmount" xlink:to="lab_us-gaap_DerivativeAssetNotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_SerenaWolfeMember_label_en-US" xlink:label="lab_nly_SerenaWolfeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Serena Wolfe [Member]</link:label>
    <link:label id="lab_nly_SerenaWolfeMember_documentation_en-US" xlink:label="lab_nly_SerenaWolfeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Serena Wolfe</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SerenaWolfeMember" xlink:href="nly-20250331.xsd#nly_SerenaWolfeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_SerenaWolfeMember" xlink:to="lab_nly_SerenaWolfeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_ec48c32e-7f90-4ace-932c-67ddf0527efc_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments [Domain]</link:label>
    <link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentTypeCategorizationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageBackedSecuritiesSoldCarryingValue_85919422-035d-47d3-ae25-9f3cb442c777_terseLabel_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential Investment securities sold, carrying value</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesSoldCarryingValue_label_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Backed Securities Sold Carrying Value</link:label>
    <link:label id="lab_nly_MortgageBackedSecuritiesSoldCarryingValue_documentation_en-US" xlink:label="lab_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carrying value of mortgage backed securities sold during period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:href="nly-20250331.xsd#nly_MortgageBackedSecuritiesSoldCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:to="lab_nly_MortgageBackedSecuritiesSoldCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_StatementGeographicalAxis_54c6a3c1-6d80-45ac-93f4-29889a9908f7_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementGeographicalAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_1c047d82-59d1-46c2-a42f-195d2b094ce1_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal payments on securities</link:label>
    <link:label id="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:to="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_d63e057c-69a4-4d2b-bfc5-05a1a4fc0c60_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net deferred tax asset</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_WeightedAverageMember_613fdedb-8817-46ef-b70f-1c45b00ee2b1_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average</link:label>
    <link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_WeightedAverageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ResidentialMortgageMember_fc77540e-558b-472d-88a1-42fbe97e0c30_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential Mortgage Loans</link:label>
    <link:label id="lab_us-gaap_ResidentialMortgageMember_20dbbb79-c3a4-431e-86fc-b1d98b822453_netLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Residential mortgage loans</link:label>
    <link:label id="lab_us-gaap_ResidentialMortgageMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residential Mortgage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ResidentialMortgageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageMember" xlink:to="lab_us-gaap_ResidentialMortgageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember_terseLabel_en-US" xlink:label="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table</link:label>
    <link:label id="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember_label_en-US" xlink:label="lab_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_EqtyAwrdsInSummryCompstnTblForAplblYrMember"/>
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    <link:label id="lab_us-gaap_LoansPayableAbstract_19de65a4-4486-4aec-a083-6a269dc529d1_terseLabel_en-US" xlink:label="lab_us-gaap_LoansPayableAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans</link:label>
    <link:label id="lab_us-gaap_LoansPayableAbstract_label_en-US" xlink:label="lab_us-gaap_LoansPayableAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Payable [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansPayableAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LoansPayableAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPayableAbstract" xlink:to="lab_us-gaap_LoansPayableAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_b1e4d9d9-d4a4-4e21-b02c-c326c79b1ad0_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Material contingencies</link:label>
    <link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingency Accrual</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LossContingencyAccrualAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:to="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionLineItems_4c8f7f66-65da-44a3-ba07-93f4d799bb18_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lessee, Lease, Description [Line Items]</link:label>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionLineItems_label_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Lease, Description [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeaseDescriptionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeLeaseDescriptionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeaseDescriptionLineItems" xlink:to="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_d26d40cf-71b0-424b-b786-2b3b0e97f132_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale [Line Items]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:to="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetPledgedAsCollateralMember_2783a544-3071-4be3-a50f-f6d4e401eb97_terseLabel_en-US" xlink:label="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Pledged as Collateral</link:label>
    <link:label id="lab_us-gaap_AssetPledgedAsCollateralMember_label_en-US" xlink:label="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Pledged as Collateral [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetPledgedAsCollateralMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetPledgedAsCollateralMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetPledgedAsCollateralMember" xlink:to="lab_us-gaap_AssetPledgedAsCollateralMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecurities1Member_2e904ecf-486d-4157-ab2d-47456ec71f87_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecurities1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total securities</link:label>
    <link:label id="lab_nly_AvailableForSaleSecurities1Member_label_en-US" xlink:label="lab_nly_AvailableForSaleSecurities1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available-For-Sale Securities1 [Member]</link:label>
    <link:label id="lab_nly_AvailableForSaleSecurities1Member_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecurities1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Available-For-Sale Securities1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecurities1Member" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecurities1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecurities1Member" xlink:to="lab_nly_AvailableForSaleSecurities1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_c202e7ba-c2c9-42aa-8961-45c51762ed55_terseLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents (includes pledged assets of $1,536,590 and $1,202,880, respectively)</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_00555ee5-852c-42f2-98d7-9d554eec521f_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents including cash pledged as collateral, beginning of period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_d1cd1911-cd90-4a35-be92-e41523313ca8_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents including cash pledged as collateral, end of period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_a1153dd6-81ac-4786-b09a-95524882b7b6_terseLabel_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt weighted average interest rate</link:label>
    <link:label id="lab_us-gaap_DebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt, Weighted Average Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtWeightedAverageInterestRate" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtWeightedAverageInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_DebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_c8c2eabd-8095-4aa7-b795-13b8e225e32b_negatedLabel_en-US" xlink:label="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Amortization of premiums and discounts of investments, net</link:label>
    <link:label id="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_label_en-US" xlink:label="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accretion (Amortization) of Discounts and Premiums, Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:to="lab_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_UsTreasuryFuturesMember_19983854-a55d-4c6f-a32b-9c43e16d0983_terseLabel_en-US" xlink:label="lab_nly_UsTreasuryFuturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Futures</link:label>
    <link:label id="lab_nly_UsTreasuryFuturesMember_label_en-US" xlink:label="lab_nly_UsTreasuryFuturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Us Treasury Futures [Member]</link:label>
    <link:label id="lab_nly_UsTreasuryFuturesMember_documentation_en-US" xlink:label="lab_nly_UsTreasuryFuturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Us Treasury Futures [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_UsTreasuryFuturesMember" xlink:href="nly-20250331.xsd#nly_UsTreasuryFuturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_UsTreasuryFuturesMember" xlink:to="lab_nly_UsTreasuryFuturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationItemsAxis_cc0acdfb-4ed1-4ca6-b21b-8e8a52f59f0c_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidationItemsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_45605778-2b94-4995-89b1-dd5925c5e380_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurements</link:label>
    <link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_label_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock_5d9f30bf-0e77-4543-bf0a-7c852197196c_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Instruments in Statement of Operations and Comprehensive Income Loss</link:label>
    <link:label id="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Instruments in Statement of Operations and Comprehensive Income [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of derivative instruments in statement of operations and comprehensive income.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:to="lab_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ReceivableForInvestmentSecuritiesSold_54bb8943-698d-4030-b69c-c5ba99acb2b4_terseLabel_en-US" xlink:label="lab_nly_ReceivableForInvestmentSecuritiesSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivable for unsettled trades</link:label>
    <link:label id="lab_nly_ReceivableForInvestmentSecuritiesSold_label_en-US" xlink:label="lab_nly_ReceivableForInvestmentSecuritiesSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivable for Investment Securities sold</link:label>
    <link:label id="lab_nly_ReceivableForInvestmentSecuritiesSold_documentation_en-US" xlink:label="lab_nly_ReceivableForInvestmentSecuritiesSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount receivable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ReceivableForInvestmentSecuritiesSold" xlink:href="nly-20250331.xsd#nly_ReceivableForInvestmentSecuritiesSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ReceivableForInvestmentSecuritiesSold" xlink:to="lab_nly_ReceivableForInvestmentSecuritiesSold" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Disqualification of Tax Benefits, Amount</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery due to Disqualification of Tax Benefits, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:to="lab_ecd_ForgoneRecoveryDueToDisqualificationOfTaxBenefitsAmt" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MaturityPeriodFourMember_e7a9803e-8ec2-445b-9c5d-a850fe244a20_terseLabel_en-US" xlink:label="lab_nly_MaturityPeriodFourMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than 10 years</link:label>
    <link:label id="lab_nly_MaturityPeriodFourMember_label_en-US" xlink:label="lab_nly_MaturityPeriodFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Period Four [Member]</link:label>
    <link:label id="lab_nly_MaturityPeriodFourMember_documentation_en-US" xlink:label="lab_nly_MaturityPeriodFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maturity Period Four [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MaturityPeriodFourMember" xlink:href="nly-20250331.xsd#nly_MaturityPeriodFourMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MaturityPeriodFourMember" xlink:to="lab_nly_MaturityPeriodFourMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToAcquireFinanceReceivables_de9f9c13-fd63-449d-8cf2-9ad53c48c6a1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireFinanceReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on purchases and origination of loans</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireFinanceReceivables_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireFinanceReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Finance Receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireFinanceReceivables" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireFinanceReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireFinanceReceivables" xlink:to="lab_us-gaap_PaymentsToAcquireFinanceReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_c6112abe-dacc-42c5-8da4-b1ef58d4db71_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueDisclosuresAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MaturityPeriodThreeMember_50aa9112-3931-4091-9d37-bf038c9fc3db_terseLabel_en-US" xlink:label="lab_nly_MaturityPeriodThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">6 - 10 years</link:label>
    <link:label id="lab_nly_MaturityPeriodThreeMember_label_en-US" xlink:label="lab_nly_MaturityPeriodThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Period Three [Member]</link:label>
    <link:label id="lab_nly_MaturityPeriodThreeMember_documentation_en-US" xlink:label="lab_nly_MaturityPeriodThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maturity Period Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MaturityPeriodThreeMember" xlink:href="nly-20250331.xsd#nly_MaturityPeriodThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MaturityPeriodThreeMember" xlink:to="lab_nly_MaturityPeriodThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans_b360ecf4-694f-4edb-b18b-29dc6c3b9e0e_negatedTerseLabel_en-US" xlink:label="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on repurchases of participations issued</link:label>
    <link:label id="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans_label_en-US" xlink:label="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments On Repurchase Of Participating Mortgage Loans</link:label>
    <link:label id="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans_documentation_en-US" xlink:label="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments On Repurchase Of Participating Mortgage Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:href="nly-20250331.xsd#nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:to="lab_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockSharesOutstanding_094b3426-8850-4cd2-b8d1-21450ccabf8f_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock outstanding (shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesOutstanding_5bccb1e3-7cb2-47d3-bb40-225aa1804391_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares Outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TransfersAndServicingAbstract_6756e770-90e3-4248-8e07-edc7a36e8cab_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers and Servicing [Abstract]</link:label>
    <link:label id="lab_us-gaap_TransfersAndServicingAbstract_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfers and Servicing [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TransfersAndServicingAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingAbstract" xlink:to="lab_us-gaap_TransfersAndServicingAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_9c7eea69-ff7a-4a76-912b-ca39f14ccc6e_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name of Each Exchange on Which Registered</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_636ad7aa-2a3e-4449-96cc-28319cf8616f_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State and local</link:label>
    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current State and Local Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LaborAndRelatedExpense_8486ca3d-07dc-4baf-ac4b-c6d917495724_terseLabel_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation expense</link:label>
    <link:label id="lab_us-gaap_LaborAndRelatedExpense_label_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Labor and Related Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LaborAndRelatedExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_terseLabel_en-US" xlink:label="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Explanation of Impracticability</link:label>
    <link:label id="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock_label_en-US" xlink:label="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forgone Recovery, Explanation of Impracticability [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:to="lab_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock_21d3412f-e15d-4fdf-ae8d-0880c28823ed_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rollforward of Company's Securities</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-Sale [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_99ab2bd0-82a6-4047-94d2-497db1d206f0_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amounts offset</link:label>
    <link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Sold under Agreement to Repurchase, Subject to Master Netting Arrangement, Asset Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale_6a0a2225-7dc6-4ed9-a3a0-43b75563ae28_terseLabel_en-US" xlink:label="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Amortization) / accretion</link:label>
    <link:label id="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale_label_en-US" xlink:label="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accretion (Amortization) Of Debt Securities Available-For-Sale</link:label>
    <link:label id="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale_documentation_en-US" xlink:label="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accretion (Amortization) Of Debt Securities Available-For-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:href="nly-20250331.xsd#nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:to="lab_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_73ca1c84-e24c-4a43-adcc-38bb7f484577_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock_49282d05-05b7-4399-9420-21521e7b8240_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification</link:label>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Mortgage Backed Securities by Estimated Weighted Average Life Classification [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of actual mortgage backed securities, which are generally shorter than stated contractual maturities due to payments of principal, prepayments, etc.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:to="lab_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_700cb4dd-e744-4cc7-88f3-929e3b160ffb_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock issued (shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_d119e98a-0ea9-46f6-b946-0f5429df71bd_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares issued (in shares)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityDomain_3c8eec99-a503-4ad8-b3fd-b42098df8fe1_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain"/>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_b49d2f83-8277-4bea-af0c-84316cf38234_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit facility, maximum borrowing capacity</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
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    <link:label id="lab_us-gaap_ConcentrationRiskPercentage1_309b92f4-7e56-4535-b5db-bfa13d023aef_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographic Concentrations of Residential Mortgage Loans</link:label>
    <link:label id="lab_us-gaap_ConcentrationRiskPercentage1_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk, Percentage</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit_d324a4d3-28c7-4504-b039-ceb746f86796_terseLabel_en-US" xlink:label="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">REIT Taxable income distributed</link:label>
    <link:label id="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit_label_en-US" xlink:label="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Taxable Income Required To Be Distributed While Operating As Reit</link:label>
    <link:label id="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit_documentation_en-US" xlink:label="lab_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of taxable income required to be distributed while operating as REIT.</link:label>
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    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_fc3d0c18-2e24-4514-b083-a3f399705678_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Non-taxable REIT income</link:label>
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    <link:label id="lab_us-gaap_ServicingAsset_6657080e-3bdd-4197-9e65-2ae773092fd6_verboseLabel_en-US" xlink:label="lab_us-gaap_ServicingAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Mortgage servicing rights (includes pledged assets of $2,793,456 and $2,460,252, respectively)</link:label>
    <link:label id="lab_us-gaap_ServicingAsset_f6e08bd8-01d8-4b1b-a6e4-4c7b03b3e66d_netLabel_en-US" xlink:label="lab_us-gaap_ServicingAsset" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Pledged assets included in mortgage servicing rights</link:label>
    <link:label id="lab_us-gaap_ServicingAsset_label_en-US" xlink:label="lab_us-gaap_ServicingAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAsset" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAsset" xlink:to="lab_us-gaap_ServicingAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLiabilities_3ab59a81-d098-425f-8a56-21ae1339692e_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_3e4c6211-b36b-4f49-83a9-ed35b4ade861_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_34d9a69c-e97c-44bc-abe5-5c857f1aa2f9_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross Amounts</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag_terseLabel_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Adopted</link:label>
    <link:label id="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag_label_en-US" xlink:label="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Policies and Procedures Adopted [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTrdPoliciesProcAdoptedFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:to="lab_ecd_InsiderTrdPoliciesProcAdoptedFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock_713f45a0-3989-4c7a-9484-0b5e4f4f2bc4_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock-Based Compensation</link:label>
    <link:label id="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Related Costs, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:to="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_IncomeTaxesTable_8a0611fa-f12b-4844-a7d6-aae0c1d24c39_terseLabel_en-US" xlink:label="lab_nly_IncomeTaxesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Taxes [Table]</link:label>
    <link:label id="lab_nly_IncomeTaxesTable_label_en-US" xlink:label="lab_nly_IncomeTaxesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Taxes [Table]</link:label>
    <link:label id="lab_nly_IncomeTaxesTable_documentation_en-US" xlink:label="lab_nly_IncomeTaxesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Taxes [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_IncomeTaxesTable" xlink:href="nly-20250331.xsd#nly_IncomeTaxesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_IncomeTaxesTable" xlink:to="lab_nly_IncomeTaxesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_ed9cbe0f-3922-46e7-a2c8-0d1aa258a918_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Assets Sold under Agreements to Repurchase [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Sold under Agreement to Repurchase [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:to="lab_us-gaap_ScheduleOfAssetsSoldUnderAgreementsToRepurchaseTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_16a47bdd-d864-4437-a93a-03c4e8e6d567_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock authorized (shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_52776521-f73f-4587-b0a4-adf8921b0dd6_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares authorized (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, Shares Authorized</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationEliminationsMember_3ee96150-3bd5-4c9e-a7d3-49f943ef3dd3_terseLabel_en-US" xlink:label="lab_srt_ConsolidationEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation, Eliminations</link:label>
    <link:label id="lab_srt_ConsolidationEliminationsMember_label_en-US" xlink:label="lab_srt_ConsolidationEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Eliminations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationEliminationsMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidationEliminationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationEliminationsMember" xlink:to="lab_srt_ConsolidationEliminationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock_79473c9b-5e5f-4746-8e98-869cf6ee4e27_terseLabel_en-US" xlink:label="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Voting Interest Entities</link:label>
    <link:label id="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock_label_en-US" xlink:label="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Voting Interest Entity, Policy [Policy Text Block]</link:label>
    <link:label id="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock_documentation_en-US" xlink:label="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation, Voting Interest Entity, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:href="nly-20250331.xsd#nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:to="lab_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLiabilityNotionalAmount_bf0216d0-85bc-4e92-8d8f-afce9a07c6cb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Notional</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilityNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability, Notional Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNotionalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilityNotionalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNotionalAmount" xlink:to="lab_us-gaap_DerivativeLiabilityNotionalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie_1141c28c-8ede-4e25-8816-8e555f3a0d9a_terseLabel_en-US" xlink:label="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt issued by securitization vehicles</link:label>
    <link:label id="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie_label_en-US" xlink:label="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense Securitized Debt of Consolidated VIE</link:label>
    <link:label id="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie_documentation_en-US" xlink:label="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest expense securitized debt of Consolidated VIE.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:href="nly-20250331.xsd#nly_InterestExpenseSecuritizedDebtOfConsolidatedVie"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:to="lab_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongtermDebtTypeAxis_174e90aa-8ef3-4202-9860-19cca3ce60ad_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Axis]</link:label>
    <link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Debt, Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongtermDebtTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherSecuredFinancings_cbe9cdc5-2651-45af-923d-59d15dceaed2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other secured financing</link:label>
    <link:label id="lab_us-gaap_OtherSecuredFinancings_label_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Secured Financings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherSecuredFinancings" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherSecuredFinancings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSecuredFinancings" xlink:to="lab_us-gaap_OtherSecuredFinancings" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseRenewalTerm_92b3756d-b1e6-45e2-bd40-6a6cfa4dcb0d_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Option to extend (in years)</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseRenewalTerm_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Renewal Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseRenewalTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:to="lab_us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_7408a705-404f-4dd2-ac11-98eec0a74214_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total deferred income tax expense (benefit)</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LoanPurchaseCommitmentsMember_02b9529d-67ce-4155-8e47-5bb11eeaa162_terseLabel_en-US" xlink:label="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase commitments</link:label>
    <link:label id="lab_us-gaap_LoanPurchaseCommitmentsMember_label_en-US" xlink:label="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Purchase Commitments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanPurchaseCommitmentsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LoanPurchaseCommitmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanPurchaseCommitmentsMember" xlink:to="lab_us-gaap_LoanPurchaseCommitmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember_81585a4d-d7b6-4ba8-a977-1b4848f252b6_terseLabel_en-US" xlink:label="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential mortgage loans</link:label>
    <link:label id="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember_label_en-US" xlink:label="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residential Mortgage Loans, Asset Transferred Or Pledged To Securitization, Recognized Through Earnings [Member]</link:label>
    <link:label id="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember_documentation_en-US" xlink:label="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Residential Mortgage Loans, Asset Transferred Or Pledged To Securitization, Recognized Through Earnings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:href="nly-20250331.xsd#nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:to="lab_nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable_d6899a95-afc4-4fa8-a890-7d7c57697f54_terseLabel_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities in a continuous unrealized loss position [Table]</link:label>
    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable_label_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities in a continuous unrealized loss position [Table]</link:label>
    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable_documentation_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities in a continuous unrealized loss position [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:href="nly-20250331.xsd#nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:to="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_ced7683f-8561-47de-8e05-742420b83f80_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements</link:label>
    <link:label id="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:to="lab_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_9099f5e3-e29b-4435-836c-ff4847fc1a8a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Measurements, Recurring</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementsRecurringMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PercentageOfAdjustableRateLoans_d3fd93bd-c1f5-4ee6-a40f-a3f3b99d106f_terseLabel_en-US" xlink:label="lab_nly_PercentageOfAdjustableRateLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percent of adjustable-rate loans</link:label>
    <link:label id="lab_nly_PercentageOfAdjustableRateLoans_label_en-US" xlink:label="lab_nly_PercentageOfAdjustableRateLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Adjustable Rate Loans</link:label>
    <link:label id="lab_nly_PercentageOfAdjustableRateLoans_documentation_en-US" xlink:label="lab_nly_PercentageOfAdjustableRateLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of adjustable-rate loans.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PercentageOfAdjustableRateLoans" xlink:href="nly-20250331.xsd#nly_PercentageOfAdjustableRateLoans"/>
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    <link:label id="lab_nly_StevenF.CampbellMember_label_en-US" xlink:label="lab_nly_StevenF.CampbellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Steven F. Campbell [Member]</link:label>
    <link:label id="lab_nly_StevenF.CampbellMember_documentation_en-US" xlink:label="lab_nly_StevenF.CampbellMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Steven F. Campbell</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_StevenF.CampbellMember" xlink:href="nly-20250331.xsd#nly_StevenF.CampbellMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_StevenF.CampbellMember" xlink:to="lab_nly_StevenF.CampbellMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PnsnAdjsPrrSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension Adjustments Prior Service Cost</link:label>
    <link:label id="lab_ecd_PnsnAdjsPrrSvcCstMember_label_en-US" xlink:label="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Adjustments Prior Service Cost [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PnsnAdjsPrrSvcCstMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PnsnAdjsPrrSvcCstMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PnsnAdjsPrrSvcCstMember" xlink:to="lab_ecd_PnsnAdjsPrrSvcCstMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell_c1d7648b-c8b9-4462-9088-5f7892879469_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from reverse repurchase agreements</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Securities Purchased under Agreements to Resell</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_6d80c0e6-9ed1-4bbe-bee0-8a98c10b94b0_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_69262309-8ca7-4790-8d55-75b930932507_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByBalanceSheetGroupingTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PnsnBnftsAdjFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_PnsnBnftsAdjFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension Benefits Adjustments, Footnote</link:label>
    <link:label id="lab_ecd_PnsnBnftsAdjFnTextBlock_label_en-US" xlink:label="lab_ecd_PnsnBnftsAdjFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Benefits Adjustments, Footnote [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PnsnBnftsAdjFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PnsnBnftsAdjFnTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PnsnBnftsAdjFnTextBlock" xlink:to="lab_ecd_PnsnBnftsAdjFnTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock_terseLabel_en-US" xlink:label="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Vs Peer Group</link:label>
    <link:label id="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock_label_en-US" xlink:label="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Shareholder Return Vs Peer Group [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TotalShareholderRtnVsPeerGroupTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:to="lab_ecd_TotalShareholderRtnVsPeerGroupTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_1127df07-6bdf-40bc-8a30-c8c80db5b042_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Realized Gain (Loss)</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Realized Gain (Loss) [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfRealizedGainLossTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_RepurchaseAgreementsWeightedAverageRates_c4fabca7-15aa-4706-a385-4fa31869895c_terseLabel_en-US" xlink:label="lab_nly_RepurchaseAgreementsWeightedAverageRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements weighted average rate</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsWeightedAverageRates_label_en-US" xlink:label="lab_nly_RepurchaseAgreementsWeightedAverageRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements Weighted Average Rates</link:label>
    <link:label id="lab_nly_RepurchaseAgreementsWeightedAverageRates_documentation_en-US" xlink:label="lab_nly_RepurchaseAgreementsWeightedAverageRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average rate of repurchase agreements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RepurchaseAgreementsWeightedAverageRates" xlink:href="nly-20250331.xsd#nly_RepurchaseAgreementsWeightedAverageRates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_RepurchaseAgreementsWeightedAverageRates" xlink:to="lab_nly_RepurchaseAgreementsWeightedAverageRates" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MaturityOvernightMember_973a8a75-21e7-4fa1-8e60-c096a199e5ef_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1 day</link:label>
    <link:label id="lab_us-gaap_MaturityOvernightMember_label_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Overnight [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOvernightMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MaturityOvernightMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOvernightMember" xlink:to="lab_us-gaap_MaturityOvernightMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParentMember_6922243f-1786-4014-af62-982468273d80_terseLabel_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total stockholder&#8217;s equity</link:label>
    <link:label id="lab_us-gaap_ParentMember_label_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParentMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParentMember" xlink:to="lab_us-gaap_ParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_5b041171-9131-4528-bb41-3ebde0b77c2b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less: amortization expense</link:label>
    <link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of Intangible Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfFinancingCosts_f288f3dc-02b1-4297-b707-0128072ec603_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfFinancingCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payment of deferred financing cost</link:label>
    <link:label id="lab_us-gaap_PaymentsOfFinancingCosts_label_en-US" xlink:label="lab_us-gaap_PaymentsOfFinancingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of Financing Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfFinancingCosts" xlink:to="lab_us-gaap_PaymentsOfFinancingCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_02bd008b-ac7c-4991-99a7-8097641e24df_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesAbstract_299f977d-2dea-4d9a-bf14-4caba7d8d7cd_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_8eabebd4-549d-429d-a945-50ed8308442e_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contingencies</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_0fc08158-c50a-4703-9187-917645ac483e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurements and the Fair Value Option</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_170e1ed3-572b-46cd-8d6b-956f41ca947f_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_2840c991-cf04-4e71-ba07-f07acb018233_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Less imputed interest</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, Undiscounted Excess Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_PeoName_terseLabel_en-US" xlink:label="lab_ecd_PeoName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEO Name</link:label>
    <link:label id="lab_ecd_PeoName_label_en-US" xlink:label="lab_ecd_PeoName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PEO Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_PeoName" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_PeoName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_PeoName" xlink:to="lab_ecd_PeoName" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock_cebb229c-cc69-4c1f-a105-5b43c27d9dfc_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Investment Groups</link:label>
    <link:label id="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Investment Groups [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule Of Investment Groups [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfInvestmentGroupsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:to="lab_nly_ScheduleOfInvestmentGroupsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Award Types</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_da5fbf3c-9b40-4a81-94be-6a67a78d8c7c_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from issuances of securitized debt</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Secured Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_terseLabel_en-US" xlink:label="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Company Selected Measure</link:label>
    <link:label id="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock_label_en-US" xlink:label="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Actually Paid vs. Company Selected Measure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:to="lab_ecd_CompActuallyPaidVsCoSelectedMeasureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonPeoNeoMember_terseLabel_en-US" xlink:label="lab_ecd_NonPeoNeoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-PEO NEO</link:label>
    <link:label id="lab_ecd_NonPeoNeoMember_label_en-US" xlink:label="lab_ecd_NonPeoNeoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-PEO NEO [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonPeoNeoMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonPeoNeoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonPeoNeoMember" xlink:to="lab_ecd_NonPeoNeoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_dc099dac-140a-4808-bfb0-7ed469eb3de0_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_PreferredStockDividendRatePercentageBasisSpread_2a27942e-394e-44c9-9ed1-b16caed0cfeb_verboseLabel_en-US" xlink:label="lab_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Floating Annual Rate</link:label>
    <link:label id="lab_nly_PreferredStockDividendRatePercentageBasisSpread_label_en-US" xlink:label="lab_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Dividend Rate, Percentage, Basis Spread</link:label>
    <link:label id="lab_nly_PreferredStockDividendRatePercentageBasisSpread_documentation_en-US" xlink:label="lab_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Preferred Stock, Dividend Rate, Percentage, Basis Spread</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:href="nly-20250331.xsd#nly_PreferredStockDividendRatePercentageBasisSpread"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:to="lab_nly_PreferredStockDividendRatePercentageBasisSpread" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_aa2afa32-2b76-4db2-bfdf-80e241ff8f8d_terseLabel_en-US" xlink:label="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</link:label>
    <link:label id="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_label_en-US" xlink:label="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label id="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_documentation_en-US" xlink:label="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:href="nly-20250331.xsd#nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="lab_nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_579c832f-708a-4848-98f7-b6fb9e998edc_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfStockLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_28451671-131c-4bef-9106-f0edb6aa96b9_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recent Accounting Pronouncements</link:label>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_9d28a32d-a0f1-4898-bf7f-1b1d83c33950_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementClassOfStockAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_46e5f67d-7e29-425a-9c09-d01efdcfea99_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DerivativePortfolioExpirationPeriod_29b8aa3a-f901-4af6-8ff7-396fe9eea37a_terseLabel_en-US" xlink:label="lab_nly_DerivativePortfolioExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average Months to Expiration</link:label>
    <link:label id="lab_nly_DerivativePortfolioExpirationPeriod_label_en-US" xlink:label="lab_nly_DerivativePortfolioExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Portfolio Expiration Period</link:label>
    <link:label id="lab_nly_DerivativePortfolioExpirationPeriod_documentation_en-US" xlink:label="lab_nly_DerivativePortfolioExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Portfolio Expiration Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DerivativePortfolioExpirationPeriod" xlink:href="nly-20250331.xsd#nly_DerivativePortfolioExpirationPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DerivativePortfolioExpirationPeriod" xlink:to="lab_nly_DerivativePortfolioExpirationPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MeasureName_terseLabel_en-US" xlink:label="lab_ecd_MeasureName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Name</link:label>
    <link:label id="lab_ecd_MeasureName_label_en-US" xlink:label="lab_ecd_MeasureName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measure Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MeasureName" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_MeasureName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MeasureName" xlink:to="lab_ecd_MeasureName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_3a4ac2f6-c6b3-4d5b-9eda-be807fc14e82_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OBX2025HE1Member_5c4977a5-251b-4c2d-ba39-ef17e238c08f_terseLabel_en-US" xlink:label="lab_nly_OBX2025HE1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">OBX 2025-HE1</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_f012ab29-55a0-4562-bd5b-3e5c6cbfdc66_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of securities</link:label>
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    <link:label id="lab_us-gaap_NumberOfOperatingSegments_ba20c9d8-0efc-49c9-ba6e-f42c093e118a_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of operating segments</link:label>
    <link:label id="lab_us-gaap_NumberOfOperatingSegments_label_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Operating Segments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfOperatingSegments" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NumberOfOperatingSegments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfOperatingSegments" xlink:to="lab_us-gaap_NumberOfOperatingSegments" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_CollateralizedMortgageObligationsMember_4e778c55-3ff6-410e-a65d-42e291e3dc8b_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedMortgageObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CMO</link:label>
    <link:label id="lab_us-gaap_CollateralizedMortgageObligationsMember_label_en-US" xlink:label="lab_us-gaap_CollateralizedMortgageObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateralized Mortgage Obligations [Member]</link:label>
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    <link:label id="lab_nly_CorporateAndReconcilingItemsMember_dddb2491-ec78-49b0-b3fe-22a0a0df3270_terseLabel_en-US" xlink:label="lab_nly_CorporateAndReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporate &amp; Other</link:label>
    <link:label id="lab_nly_CorporateAndReconcilingItemsMember_label_en-US" xlink:label="lab_nly_CorporateAndReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Corporate And Reconciling Items [Member]</link:label>
    <link:label id="lab_nly_CorporateAndReconcilingItemsMember_documentation_en-US" xlink:label="lab_nly_CorporateAndReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Corporate And Reconciling Items</link:label>
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    <link:label id="lab_us-gaap_RepaymentsOfSecuredDebt_10ff59c0-50c3-4d02-b550-38517fcfaa60_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfSecuredDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Principal payments on securitized debt</link:label>
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    <link:label id="lab_nly_ServicingAndRelatedExpense_documentation_en-US" xlink:label="lab_nly_ServicingAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Servicing and Related Expense</link:label>
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    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_7ace2944-450a-48b7-a2d3-be9eda3885ed_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental disclosure of cash flow information</link:label>
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    <link:label id="lab_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue_5be650f5-afd6-47dd-ae8b-b567d5929435_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestRateDerivativeLiabilitiesAtFairValue"/>
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    <link:label id="lab_us-gaap_NonoperatingIncomeExpense_8d264f9c-38fa-4509-8906-4490230b98b0_totalLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total other income (loss)</link:label>
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    <link:label id="lab_us-gaap_NonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpense" xlink:to="lab_us-gaap_NonoperatingIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_08bb03b5-21f4-4f2b-89b3-d90616a059c2_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock dividend rate, percentage</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_7fd666d3-d2ea-4b66-be52-9949bfdc99bd_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Contractual Rate</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Dividend Rate, Percentage</link:label>
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    <link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_3f8eb4f9-7c5e-474e-9d18-f39b21500996_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Domain]</link:label>
    <link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Domain]</link:label>
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    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_c9c702b5-d853-48dd-a193-2b11a6740c39_totalLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total provision</link:label>
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    <link:label id="lab_us-gaap_RevenueRecognitionInterest_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue Recognition, Interest [Policy Text Block]</link:label>
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    <link:label id="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember_b402eb78-4b0f-4853-858d-e9add8251713_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Agency Mortgage-Backed Securities</link:label>
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    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventsTextBlock_0b9068d1-5ee4-4793-8bd4-10ec02a4c31f_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent Events</link:label>
    <link:label id="lab_us-gaap_SubsequentEventsTextBlock_label_en-US" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Events [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_us-gaap_SubsequentEventsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_Rule10b51ArrTrmntdFlag_terseLabel_en-US" xlink:label="lab_ecd_Rule10b51ArrTrmntdFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Terminated</link:label>
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    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_13ca277d-4870-4463-8881-3ef09e2dd37a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
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    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_d7889926-b109-4290-910e-ab6a76f94e30_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">DERIVATIVE INSTRUMENTS</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
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    <link:label id="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod_7a3b534c-ab6b-4cf2-8e49-635eb9a0e6f9_terseLabel_en-US" xlink:label="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum maturity period</link:label>
    <link:label id="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod_label_en-US" xlink:label="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments Minimum Maturity Period</link:label>
    <link:label id="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod_documentation_en-US" xlink:label="lab_nly_DerivativeInstrumentsMinimumMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative instruments minimum maturity period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DerivativeInstrumentsMinimumMaturityPeriod" xlink:href="nly-20250331.xsd#nly_DerivativeInstrumentsMinimumMaturityPeriod"/>
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    <link:label id="lab_us-gaap_PaymentsOfDividends_cdc83586-0ce1-4d12-a3ff-4b0699accb07_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDividends_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of Dividends</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividends" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividends"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividends" xlink:to="lab_us-gaap_PaymentsOfDividends" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_e47f903e-c597-4f54-9976-b258218e0fb6_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain"/>
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    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount_a3cd9c49-3856-4ab8-b8f9-021ecce9d735_terseLabel_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual principal amount of debt held by third parties</link:label>
    <link:label id="lab_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount_label_en-US" xlink:label="lab_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securitized Debt Of Consolidated VIE, Contractual Principal Amount</link:label>
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    <link:label id="lab_ecd_UndrlygSecurityMktPriceChngPct_terseLabel_en-US" xlink:label="lab_ecd_UndrlygSecurityMktPriceChngPct" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying Security Market Price Change</link:label>
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    <link:label id="lab_us-gaap_MeasurementInputTypeAxis_937c8f1c-38ea-472f-8ded-1c184e8fdf09_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Axis]</link:label>
    <link:label id="lab_us-gaap_MeasurementInputTypeAxis_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MeasurementInputTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeAxis" xlink:to="lab_us-gaap_MeasurementInputTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_IndividualAxis_terseLabel_en-US" xlink:label="lab_ecd_IndividualAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Individual:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_IndividualAxis" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_IndividualAxis"/>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_68fe425a-5499-48af-aea5-0b4fc612d68c_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">AOCI Attributable to Parent [Member]</link:label>
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    <link:label id="lab_nly_SummaryOfLoansInvestmentActivityTableTextBlock_b49f9d20-0e87-45e3-bf2c-c7f6b715f206_terseLabel_en-US" xlink:label="lab_nly_SummaryOfLoansInvestmentActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan Investment Activity</link:label>
    <link:label id="lab_nly_SummaryOfLoansInvestmentActivityTableTextBlock_label_en-US" xlink:label="lab_nly_SummaryOfLoansInvestmentActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary Of Loans Investment Activity [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_StatementLineItems_0765353e-5e51-4042-9d3b-b870adc08654_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MeasurementInputTypeDomain"/>
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    <link:label id="lab_us-gaap_DerivativeTermOfContract_ea11e42b-bf45-4f60-b58f-d8ea52805c93_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTermOfContract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity period</link:label>
    <link:label id="lab_us-gaap_DerivativeTermOfContract_label_en-US" xlink:label="lab_us-gaap_DerivativeTermOfContract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Term of Contract</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTermOfContract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeTermOfContract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTermOfContract" xlink:to="lab_us-gaap_DerivativeTermOfContract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount_ae7adbdf-6066-4da7-a870-c27ca3c9ff5d_terseLabel_en-US" xlink:label="lab_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Participations issued</link:label>
    <link:label id="lab_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount_label_en-US" xlink:label="lab_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participating Mortgage Loans, Participation Liabilities, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount"/>
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    <link:label id="lab_us-gaap_DerivativesPolicyTextBlock_e6ddef6e-8b43-41d3-814e-d9df395653c3_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Instruments</link:label>
    <link:label id="lab_us-gaap_DerivativesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativesPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MinimumMember_d7c6be28-ac8b-4abe-9507-5530940cf56c_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum</link:label>
    <link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MinimumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment_ab417c9e-53c6-4049-bd13-3065574a15a4_terseLabel_en-US" xlink:label="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</link:label>
    <link:label id="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment_label_en-US" xlink:label="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net change in unrealized gain loss on available-for-sale securities and interest rate swaps, net of reclassification adjustment</link:label>
    <link:label id="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment_documentation_en-US" xlink:label="lab_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The net change amount in unrealized (loss) gain on available-for-sale securities and interest rate swaps, net of reclassification adjustment.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment" xlink:href="nly-20250331.xsd#nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment"/>
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    <link:label id="lab_nly_UsTreasuryFuturesTwoYearMember_5029f433-2fa6-4665-889e-9026d0addfac_terseLabel_en-US" xlink:label="lab_nly_UsTreasuryFuturesTwoYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. Treasury futures - 2 year</link:label>
    <link:label id="lab_nly_UsTreasuryFuturesTwoYearMember_label_en-US" xlink:label="lab_nly_UsTreasuryFuturesTwoYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Us Treasury Futures, Two Year [Member]</link:label>
    <link:label id="lab_nly_UsTreasuryFuturesTwoYearMember_documentation_en-US" xlink:label="lab_nly_UsTreasuryFuturesTwoYearMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Us Treasury Futures, Two Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_UsTreasuryFuturesTwoYearMember" xlink:href="nly-20250331.xsd#nly_UsTreasuryFuturesTwoYearMember"/>
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    <link:label id="lab_ecd_TrdArrAdoptionDate_terseLabel_en-US" xlink:label="lab_ecd_TrdArrAdoptionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adoption Date</link:label>
    <link:label id="lab_ecd_TrdArrAdoptionDate_label_en-US" xlink:label="lab_ecd_TrdArrAdoptionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Adoption Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrAdoptionDate" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TrdArrAdoptionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_TrdArrAdoptionDate" xlink:to="lab_ecd_TrdArrAdoptionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestRateSwaptionMember_b37f7ced-9ca3-494d-a1f4-4821f46839b2_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwaptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaptions</link:label>
    <link:label id="lab_us-gaap_InterestRateSwaptionMember_a24702f4-d1d7-400c-8636-150bb8de3780_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwaptionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaptions, at fair value</link:label>
    <link:label id="lab_us-gaap_InterestRateSwaptionMember_c7d1e9f0-3e8b-43c6-8545-0ae223bb4496_netLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwaptionMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Net interest rate swaptions</link:label>
    <link:label id="lab_us-gaap_InterestRateSwaptionMember_label_en-US" xlink:label="lab_us-gaap_InterestRateSwaptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swaption [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateSwaptionMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestRateSwaptionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateSwaptionMember" xlink:to="lab_us-gaap_InterestRateSwaptionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityLineItems_71d0024a-09fb-4d51-b602-777661e4d56d_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableInterestEntityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_ff2f078e-289b-4ead-9d42-5a95a0f9122a_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year</link:label>
    <link:label id="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember_label_en-US" xlink:label="lab_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember"/>
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    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_24355200-f9f1-4bab-9ee1-b0f761e2d432_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statutory federal income tax rate</link:label>
    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
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    <link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_405cc2a1-14a1-49e5-b278-2831f7530827_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardExrcPrice_terseLabel_en-US" xlink:label="lab_ecd_AwardExrcPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercise Price</link:label>
    <link:label id="lab_ecd_AwardExrcPrice_label_en-US" xlink:label="lab_ecd_AwardExrcPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Exercise Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardExrcPrice" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardExrcPrice"/>
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    <link:label id="lab_nly_SeriesIPreferredStockMember_9e7a3a2b-dd15-4533-9c88-1427d0c09357_terseLabel_en-US" xlink:label="lab_nly_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Series I</link:label>
    <link:label id="lab_nly_SeriesIPreferredStockMember_label_en-US" xlink:label="lab_nly_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series I Preferred Stock [Member]</link:label>
    <link:label id="lab_nly_SeriesIPreferredStockMember_documentation_en-US" xlink:label="lab_nly_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series I Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_SeriesIPreferredStockMember" xlink:href="nly-20250331.xsd#nly_SeriesIPreferredStockMember"/>
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    <link:label id="lab_nly_MaturityOver119DaysMember_de75c162-08ce-4150-856f-30539574eba3_terseLabel_en-US" xlink:label="lab_nly_MaturityOver119DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Over 119 days</link:label>
    <link:label id="lab_nly_MaturityOver119DaysMember_label_en-US" xlink:label="lab_nly_MaturityOver119DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Over 119 Days [Member]</link:label>
    <link:label id="lab_nly_MaturityOver119DaysMember_documentation_en-US" xlink:label="lab_nly_MaturityOver119DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of maturity for a group of securities or other assets sold under repurchase agreements which mature over 119 days from the reporting date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MaturityOver119DaysMember" xlink:href="nly-20250331.xsd#nly_MaturityOver119DaysMember"/>
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    <link:label id="lab_ecd_TrdArrDuration_terseLabel_en-US" xlink:label="lab_ecd_TrdArrDuration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Arrangement Duration</link:label>
    <link:label id="lab_ecd_TrdArrDuration_label_en-US" xlink:label="lab_ecd_TrdArrDuration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Arrangement Duration</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_TrdArrDuration" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_TrdArrDuration"/>
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    <link:label id="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock_5b58853d-b813-4597-811f-3d724c422e07_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Comprehensive Income (Loss)</link:label>
    <link:label id="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income (Loss) [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLossCarryforwards_99ca33a2-510f-4ca2-9821-a555402877cb_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net operating loss carryforwards</link:label>
    <link:label id="lab_us-gaap_OperatingLossCarryforwards_label_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Loss Carryforwards</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLossCarryforwards" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLossCarryforwards"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwards" xlink:to="lab_us-gaap_OperatingLossCarryforwards" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_7e833218-d0c8-49a4-948c-9ef5bd9e9a7c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_5bf74b5d-1b70-425a-ac55-e62ae4fc9df1_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stockholders&#8217; equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity, Attributable to Parent [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoninterestIncomeAbstract_25b724da-a5c0-44d6-bb30-58fdaf4ee801_terseLabel_en-US" xlink:label="lab_us-gaap_NoninterestIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net servicing income</link:label>
    <link:label id="lab_us-gaap_NoninterestIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_NoninterestIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noninterest Income [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoninterestIncomeAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestIncomeAbstract" xlink:to="lab_us-gaap_NoninterestIncomeAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_MtrlTermsOfTrdArrTextBlock_terseLabel_en-US" xlink:label="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Material Terms of Trading Arrangement</link:label>
    <link:label id="lab_ecd_MtrlTermsOfTrdArrTextBlock_label_en-US" xlink:label="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Material Terms of Trading Arrangement [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MtrlTermsOfTrdArrTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_MtrlTermsOfTrdArrTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_MtrlTermsOfTrdArrTextBlock" xlink:to="lab_ecd_MtrlTermsOfTrdArrTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AllIndividualsMember_terseLabel_en-US" xlink:label="lab_ecd_AllIndividualsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Individuals</link:label>
    <link:label id="lab_ecd_AllIndividualsMember_label_en-US" xlink:label="lab_ecd_AllIndividualsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Individuals [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AllIndividualsMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AllIndividualsMember"/>
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    <link:label id="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity_b031d845-97f6-4a5d-9a19-0751fb32bcac_terseLabel_en-US" xlink:label="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases</link:label>
    <link:label id="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity_label_en-US" xlink:label="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Debt Securities, Available-for-sale, Excluding Variable Interest Entity</link:label>
    <link:label id="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity_documentation_en-US" xlink:label="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments to Acquire Debt Securities, Available-for-sale, Excluding Variable Interest Entity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:href="nly-20250331.xsd#nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:to="lab_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableRateAxis_b7cbbfbb-4104-4c84-aab3-42a272372489_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VariableRateAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_1c3c1442-2539-48e5-bfcc-371449ce4448_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_9b422e6c-22e6-4808-a00c-9e30b2efac5e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other, net</link:label>
    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Nonoperating Income (Expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestRateSwapsWeightedAveragePayRate_fb7221da-5639-49a0-ae49-df4b84d905e3_verboseLabel_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAveragePayRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average Pay Rate</link:label>
    <link:label id="lab_nly_InterestRateSwapsWeightedAveragePayRate_label_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAveragePayRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swaps Weighted Average Pay Rate</link:label>
    <link:label id="lab_nly_InterestRateSwapsWeightedAveragePayRate_documentation_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAveragePayRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average pay rate for interest rate swaps.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestRateSwapsWeightedAveragePayRate" xlink:href="nly-20250331.xsd#nly_InterestRateSwapsWeightedAveragePayRate"/>
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    <link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_3e39317c-ce11-47fb-8920-218ea11de09a_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans, net (includes pledged assets of $3,708,202 and $2,754,028, respectively)</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_77361498-f18f-4f5c-a9c3-6a055e5d5f79_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Pledged assets in loans, net</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_30f1e902-ade6-49c2-a643-2dfb932a6430_periodStartLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance January 1, 2025</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_aed985a4-1099-475a-92a9-1b7a78c5e596_periodEndLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance March 31, 2025</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss</link:label>
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    <link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_8370c9ce-b693-4afb-aaeb-7c5bab089703_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_6655a226-8d5d-4bff-b226-6a4f7a67f597_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets, net</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_e0e19974-c370-4dca-833d-a60f2097b14c_periodStartLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance January 1, 2025</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_d9d0790d-7eb4-4bc0-bdce-5487bfbb2e10_periodEndLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance March 31, 2025</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets, Net (Excluding Goodwill)</link:label>
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_53916bc4-6c2f-4f38-bb32-f7b154ce13ce_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Banking Activity [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy"/>
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    <link:label id="lab_us-gaap_PreferredStockDividendsPerShareDeclared_dc591c6c-4afe-4195-9e0d-c8cd5ddedba7_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred series dividends declared (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Dividends Per Share, Declared</link:label>
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    <link:label id="lab_us-gaap_ReceivablesAbstract_label_en-US" xlink:label="lab_us-gaap_ReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receivables [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ReceivablesAbstract"/>
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    <link:label id="lab_us-gaap_DividendsPreferredStockCash_3f7dd187-473c-416c-875d-b0dcafb8fd6d_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends declared on preferred stock</link:label>
    <link:label id="lab_us-gaap_DividendsPreferredStockCash_35b99120-5876-4a81-a28a-9169114614b2_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPreferredStockCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred dividends declared</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgageBackedSecuritiesPortfolioTable" xlink:to="lab_nly_MortgageBackedSecuritiesPortfolioTable" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ShareRepurchaseProgramDomain_5350dde1-7f22-4177-bd84-a2e97af53d0a_terseLabel_en-US" xlink:label="lab_srt_ShareRepurchaseProgramDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Domain]</link:label>
    <link:label id="lab_srt_ShareRepurchaseProgramDomain_label_en-US" xlink:label="lab_srt_ShareRepurchaseProgramDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ShareRepurchaseProgramDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ShareRepurchaseProgramDomain" xlink:to="lab_srt_ShareRepurchaseProgramDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_113e236c-9b48-40fc-b31b-104f82e651ac_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
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    <link:label id="lab_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_011fbf4f-7088-4458-a8b7-9d63947f567e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Principal paydowns</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"/>
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    <link:label id="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount_5788d145-cd4d-47f1-9bc4-46f6cb9202a7_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Principal / Notional</link:label>
    <link:label id="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount_label_en-US" xlink:label="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Owned, Balance, Principal Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentOwnedBalancePrincipalAmount"/>
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    <link:label id="lab_ecd_MeasureAxis_terseLabel_en-US" xlink:label="lab_ecd_MeasureAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measure:</link:label>
    <link:label id="lab_ecd_MeasureAxis_label_en-US" xlink:label="lab_ecd_MeasureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measure [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_MeasureAxis" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_MeasureAxis"/>
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    <link:label id="lab_us-gaap_PreferredStockSharesAuthorized_1df692a2-17d1-40d4-b7eb-700a56ab1e77_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock authorized (shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesAuthorized_cfecc0a4-658c-4ee7-b7fb-bfac9f4870cb_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares Authorized (in shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Authorized</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_1bf86d4c-7b3d-4796-ae95-d9a77de5fcf0_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue_66bdaadd-97cc-4501-951e-631cd2bd872b_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than one year through five years</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life Greater Than One and Less Than Five Years Fair Value</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents the fair value of debt securities with an expected life of greater than one year and less than five years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:to="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_5cd02bb4-d61e-4cf3-b391-32dace20f520_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList"/>
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    <link:label id="lab_us-gaap_ShortMember_2ef6de74-ce14-465a-b17e-ad86d66a5b0a_verboseLabel_en-US" xlink:label="lab_us-gaap_ShortMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Sale contracts</link:label>
    <link:label id="lab_us-gaap_ShortMember_76df9773-01c9-4c7a-a3c6-295618dcc5f4_terseLabel_en-US" xlink:label="lab_us-gaap_ShortMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional - Short Positions</link:label>
    <link:label id="lab_us-gaap_ShortMember_label_en-US" xlink:label="lab_us-gaap_ShortMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShortMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortMember" xlink:to="lab_us-gaap_ShortMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_fda70f5f-6087-4cb9-9339-ce5cceba4368_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lessee, Lease, Description [Table]</link:label>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_label_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Lease, Description [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeLeaseDescriptionTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:to="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_NonGaapMeasureDescriptionTextBlock_terseLabel_en-US" xlink:label="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-GAAP Measure Description</link:label>
    <link:label id="lab_ecd_NonGaapMeasureDescriptionTextBlock_label_en-US" xlink:label="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-GAAP Measure Description [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_NonGaapMeasureDescriptionTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonGaapMeasureDescriptionTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_NonGaapMeasureDescriptionTextBlock" xlink:to="lab_ecd_NonGaapMeasureDescriptionTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember_5fd583c8-f6a1-4dde-804c-84f7a5fe0984_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Less than 12 months</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available For Sale Securities, Continuous Unrealized Loss Positions, Less Than 12 Months [Member]</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Available For Sale Securities, Continuous Unrealized Loss Positions, Less Than 12 Months [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember"/>
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    <link:label id="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease_6f29c7b9-00f6-4fee-a61c-d22df9b4cf1c_terseLabel_en-US" xlink:label="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit facility, maximum borrowing capacity, increase</link:label>
    <link:label id="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease_label_en-US" xlink:label="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity, Increase</link:label>
    <link:label id="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease_documentation_en-US" xlink:label="lab_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity, Increase</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease" xlink:href="nly-20250331.xsd#nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease"/>
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    <link:label id="lab_us-gaap_EquityComponentDomain_00173cec-9184-4637-8803-0f46a7dd99f6_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityComponentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_43d294f2-26a5-47db-a280-994382fbae82_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock, par value (USD per share)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
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    <link:label id="lab_nly_SerenaWolfeTradingArrangementTwoMember_label_en-US" xlink:label="lab_nly_SerenaWolfeTradingArrangementTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Serena Wolfe, Trading Arrangement Two [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_nly_SerenaWolfeTradingArrangementTwoMember" xlink:href="nly-20250331.xsd#nly_SerenaWolfeTradingArrangementTwoMember"/>
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    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_49fb2081-6246-4603-9217-688f75008403_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Noncash investing and financing activities</link:label>
    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_label_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash Investing and Financing Items [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_Maturity30To59DaysMember_6a7d914f-5202-42da-963c-273c49a123f1_terseLabel_en-US" xlink:label="lab_nly_Maturity30To59DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">30 to 59 days</link:label>
    <link:label id="lab_nly_Maturity30To59DaysMember_label_en-US" xlink:label="lab_nly_Maturity30To59DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity 30 to 59 Days [Member]</link:label>
    <link:label id="lab_nly_Maturity30To59DaysMember_documentation_en-US" xlink:label="lab_nly_Maturity30To59DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of maturity for a group of securities or other assets sold under repurchase agreements which mature between 30 to 59 days from the reporting date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_Maturity30To59DaysMember" xlink:href="nly-20250331.xsd#nly_Maturity30To59DaysMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_Maturity30To59DaysMember" xlink:to="lab_nly_Maturity30To59DaysMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_bbac3c65-2ebe-43ef-9e2d-5110fa1d4093_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">INCOME TAXES</link:label>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_bafd5269-8852-4861-82e3-d592447b530e_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AgencySecuritiesMember_e8565935-8b78-4290-87a7-d6852feb10e5_terseLabel_en-US" xlink:label="lab_us-gaap_AgencySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Agency</link:label>
    <link:label id="lab_us-gaap_AgencySecuritiesMember_b9f97782-0f05-4688-a851-9e24fb58906b_verboseLabel_en-US" xlink:label="lab_us-gaap_AgencySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Agency Securities</link:label>
    <link:label id="lab_us-gaap_AgencySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AgencySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Agency Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AgencySecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AgencySecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AgencySecuritiesMember" xlink:to="lab_us-gaap_AgencySecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_7f2a410e-98f2-410a-bd14-dabdc014381e_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
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    <link:label id="lab_nly_InterestPaidNetInterestRateDerivative_85751a3e-39af-4ebe-a692-102093c74437_terseLabel_en-US" xlink:label="lab_nly_InterestPaidNetInterestRateDerivative" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net interest received (paid) on interest rate swaps</link:label>
    <link:label id="lab_nly_InterestPaidNetInterestRateDerivative_label_en-US" xlink:label="lab_nly_InterestPaidNetInterestRateDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Paid Net Interest Rate Derivative</link:label>
    <link:label id="lab_nly_InterestPaidNetInterestRateDerivative_documentation_en-US" xlink:label="lab_nly_InterestPaidNetInterestRateDerivative" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash paid on the difference between fixed and variable rate interest rate swap payments during the period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestPaidNetInterestRateDerivative" xlink:href="nly-20250331.xsd#nly_InterestPaidNetInterestRateDerivative"/>
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    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_298dc4ed-d6f2-4f8d-9f22-366aa01b85f7_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average discount rate</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Weighted Average Discount Rate, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue_33039df9-d036-4f10-85c8-f5a7264f60ac_terseLabel_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Greater than ten years</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue_label_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available for Sale Securities Debt Expected Life After Ten Years Fair Value</link:label>
    <link:label id="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue_documentation_en-US" xlink:label="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents the fair value of debt securities with an expected life of greater than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:href="nly-20250331.xsd#nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:to="lab_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_7178e61f-16d4-4d4a-9d6c-b5a45a7fdb85_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
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    <link:label id="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember_cadab7ee-df46-48f1-88e8-8018fada4c6f_terseLabel_en-US" xlink:label="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">NPL/RPL</link:label>
    <link:label id="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">NPL RPL Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">NPL RPL Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_b27fb43c-4631-4a16-908d-881790d7095d_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_4edd9a85-c2ee-4f5c-ae3b-320e4e1fe8ad_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Commercial Securities</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_f1eb0f64-89fb-4fb2-8ac2-f5e44fa4752f_netLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Commercial mortgage-backed securities</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_e9cd6fcf-a03f-4ef5-bea1-7c1af58b4a04_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial Mortgage-Backed Securities</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Mortgage-Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_9dadf937-7859-4aea-bd1a-c2232b61ab40_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountsPayableAndOtherAccruedLiabilities_6314709a-560e-44e4-9b5e-b015eab5364c_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:label id="lab_us-gaap_AccountsPayableAndOtherAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable and Other Accrued Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities"/>
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    <link:label id="lab_ecd_AdjToNonPeoNeoCompFnTextBlock_terseLabel_en-US" xlink:label="lab_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment to Non-PEO NEO Compensation Footnote</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_AdjToNonPeoNeoCompFnTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AdjToNonPeoNeoCompFnTextBlock"/>
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    <link:label id="lab_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue_cdfc8184-28fa-4320-815d-951bf7d8d8f7_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortgage-backed securities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:to="lab_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock_fd6a434d-09d0-4fcf-aa9b-0a2b4546a6ac_terseLabel_en-US" xlink:label="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential Mortgage Loans</link:label>
    <link:label id="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock_label_en-US" xlink:label="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans Held For Portfolio [Table Text Block]</link:label>
    <link:label id="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock_documentation_en-US" xlink:label="lab_nly_MortgageLoansHeldForPortfolioTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of mortgage loans held for portfolio.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgageLoansHeldForPortfolioTableTextBlock" xlink:href="nly-20250331.xsd#nly_MortgageLoansHeldForPortfolioTableTextBlock"/>
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    <link:label id="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_a102e385-8e95-4412-a7cc-165a80a567f3_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">INTANGIBLE ASSETS</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_80686279-4191-4006-b72c-07787eebdbeb_terseLabel_en-US" xlink:label="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest-only</link:label>
    <link:label id="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Only Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Only Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_c5bbe93b-8489-4af7-9b0e-48b71b38e823_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State and local</link:label>
    <link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred State and Local Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_AwardGrantDateFairValue_terseLabel_en-US" xlink:label="lab_ecd_AwardGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value as of Grant Date</link:label>
    <link:label id="lab_ecd_AwardGrantDateFairValue_label_en-US" xlink:label="lab_ecd_AwardGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Grant Date Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AwardGrantDateFairValue" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AwardGrantDateFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_AwardGrantDateFairValue" xlink:to="lab_ecd_AwardGrantDateFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_2f35b2f1-1c9a-4b8c-ad41-cd5480eab2d0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 2</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueInputsLevel2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RedeemablePreferredStockMember_2268db5a-6899-4512-adff-59e81583294c_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redeemable Preferred Stock</link:label>
    <link:label id="lab_us-gaap_RedeemablePreferredStockMember_label_en-US" xlink:label="lab_us-gaap_RedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemablePreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RedeemablePreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemablePreferredStockMember" xlink:to="lab_us-gaap_RedeemablePreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OffsettingAssetsTable_7f9b50c3-ea63-4f3b-abf3-e4db235c1b01_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Offsetting Assets [Table]</link:label>
    <link:label id="lab_us-gaap_OffsettingAssetsTable_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offsetting Assets [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OffsettingAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsTable" xlink:to="lab_us-gaap_OffsettingAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SegmentGeographicalDomain_bf855363-cd56-4f12-ab1f-907cfba5897b_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SegmentGeographicalDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_6caac75d-3692-44ec-bfcd-8768f5de6145_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issuance</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, New Issues</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings_5562754c-2b43-4de0-b676-3fd8b0daabfc_terseLabel_en-US" xlink:label="lab_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distributions in excess of cumulative earnings from unconsolidated joint ventures</link:label>
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    <link:label id="lab_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings_documentation_en-US" xlink:label="lab_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from unconsolidated joint venture excess of cumulative earnings.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings" xlink:href="nly-20250331.xsd#nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings"/>
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    <link:label id="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable_4c6255e0-7414-4005-abf6-cf02b39dd9b8_terseLabel_en-US" xlink:label="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal and interest receivable</link:label>
    <link:label id="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable_label_en-US" xlink:label="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing And Accrued Investment Income Receivable</link:label>
    <link:label id="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable_documentation_en-US" xlink:label="lab_nly_FinancingAndAccruedInvestmentIncomeReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing And Accrued Investment Income Receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_FinancingAndAccruedInvestmentIncomeReceivable" xlink:href="nly-20250331.xsd#nly_FinancingAndAccruedInvestmentIncomeReceivable"/>
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    <link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_3e3923d7-2abd-4912-926b-f57f115b88da_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principles of Consolidation</link:label>
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    <link:label id="lab_ecd_RestatementDateAxis_terseLabel_en-US" xlink:label="lab_ecd_RestatementDateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restatement Determination Date:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDateAxis" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_RestatementDateAxis"/>
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    <link:label id="lab_dei_Security12bTitle_96c44bcc-be8a-4646-a9c1-8492b9aa2ffc_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of Each Class</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle"/>
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    <link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_163ac115-d522-4ec1-9fca-0ba3b5bfe74f_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskByTypeAxis"/>
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    <link:label id="lab_us-gaap_CommonStockValue_b96ecb67-8e12-4da5-a321-fb5c2857a193_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, par value $0.01 per share, 1,468,250,000 authorized, 602,338,286 and 578,357,118 issued and outstanding, respectively</link:label>
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    <link:label id="lab_nly_InterestRateSwaptionReceiveMember_4ca98566-4d9a-4541-9d80-36ac22b6bffd_terseLabel_en-US" xlink:label="lab_nly_InterestRateSwaptionReceiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long receive</link:label>
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    <link:label id="lab_nly_InterestRateSwaptionReceiveMember_documentation_en-US" xlink:label="lab_nly_InterestRateSwaptionReceiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Rate Swaption, Receive [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestRateSwaptionReceiveMember" xlink:href="nly-20250331.xsd#nly_InterestRateSwaptionReceiveMember"/>
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    <link:label id="lab_nly_InvestmentInterestRatePercentage_ee5d792b-6904-4df8-8bdb-779c1e22cc3d_terseLabel_en-US" xlink:label="lab_nly_InvestmentInterestRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate</link:label>
    <link:label id="lab_nly_InvestmentInterestRatePercentage_label_en-US" xlink:label="lab_nly_InvestmentInterestRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Interest Rate, Percentage</link:label>
    <link:label id="lab_nly_InvestmentInterestRatePercentage_documentation_en-US" xlink:label="lab_nly_InvestmentInterestRatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment Interest Rate, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InvestmentInterestRatePercentage" xlink:href="nly-20250331.xsd#nly_InvestmentInterestRatePercentage"/>
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    <link:label id="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock_64cdf27a-023c-4efb-be68-786665b70928_terseLabel_en-US" xlink:label="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Offsetting of Derivative Assets and Liabilities</link:label>
    <link:label id="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock_label_en-US" xlink:label="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Assets and Liabilities Offsetting [Table Text Block]</link:label>
    <link:label id="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock_documentation_en-US" xlink:label="lab_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of derivative assets and liabilities that are subject to offsetting, including master netting arrangements.</link:label>
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    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_84a7ba22-a3eb-4c7e-b289-c8e5576064e9_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State and local taxes</link:label>
    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
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    <link:label id="lab_us-gaap_BankingAndThriftInterestAbstract_81aa4616-9e71-41a4-890a-448946e3ac86_terseLabel_en-US" xlink:label="lab_us-gaap_BankingAndThriftInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Banking and Thrift, Interest [Abstract]</link:label>
    <link:label id="lab_us-gaap_BankingAndThriftInterestAbstract_label_en-US" xlink:label="lab_us-gaap_BankingAndThriftInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Banking and Thrift, Interest [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankingAndThriftInterestAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BankingAndThriftInterestAbstract"/>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_621aa0b4-b615-4d82-b9a1-1506be59615c_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
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    <link:label id="lab_nly_NumberOfClosedSecuritizations_7807b9d9-6f83-43b8-b44b-f7e312627666_terseLabel_en-US" xlink:label="lab_nly_NumberOfClosedSecuritizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of closed securitizations</link:label>
    <link:label id="lab_nly_NumberOfClosedSecuritizations_label_en-US" xlink:label="lab_nly_NumberOfClosedSecuritizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Closed Securitizations</link:label>
    <link:label id="lab_nly_NumberOfClosedSecuritizations_documentation_en-US" xlink:label="lab_nly_NumberOfClosedSecuritizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Closed Securitizations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NumberOfClosedSecuritizations" xlink:href="nly-20250331.xsd#nly_NumberOfClosedSecuritizations"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems"/>
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    <link:label id="lab_us-gaap_PreferredStockValue_3f554e2d-f2c8-4e67-9101-e4319bb18544_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred stock, par value $0.01 per share, 63,500,000 authorized, issued and outstanding</link:label>
    <link:label id="lab_us-gaap_PreferredStockValue_3efd36d2-22ef-4992-ab87-ebad402dc076_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Carrying Value</link:label>
    <link:label id="lab_us-gaap_PreferredStockValue_label_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock, Value, Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockValue"/>
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    <link:label id="lab_us-gaap_EarningsPerShareBasic_4c916cb4-3e97-46fe-8151-90a9ebf27203_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_65a8590c-3dd3-445a-8750-10754e77756c_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net proceeds from stock offerings, direct purchases and dividend reinvestments</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasePayments_1d88e029-4f1e-45f6-b3d9-b5fbe227fd92_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating cash flows from operating leases</link:label>
    <link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Lease, Payments</link:label>
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    <link:label id="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures_49ec53ca-772f-417e-8c36-0fe86ec15572_terseLabel_en-US" xlink:label="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential credit securities</link:label>
    <link:label id="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures_label_en-US" xlink:label="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income Securities Mortgage Backed And Agency Debentures</link:label>
    <link:label id="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures_documentation_en-US" xlink:label="lab_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents interest income, including any amortization and accretion (as applicable) of discounts and premiums, derived from securities backed by a pool of mortgages or trust deeds as well as agency debentures.</link:label>
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    <link:label id="lab_ecd_AggtPnsnAdjsSvcCstMember_terseLabel_en-US" xlink:label="lab_ecd_AggtPnsnAdjsSvcCstMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate Pension Adjustments Service Cost</link:label>
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    <link:label id="lab_us-gaap_DividendsPayableLineItems_a1df6098-8cbc-4834-ba39-3479a40680de_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Payable [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableLineItems"/>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale_a668b692-822b-4c73-8e38-bbd5c7a7bdc8_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales and repayments of loans held for sale</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Sale, Loan, Held-for-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansHeldForSale" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfLoansHeldForSale"/>
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    <link:label id="lab_srt_ShareRepurchaseProgramAxis_87037c4a-7c94-488c-8bcd-f65049b36ac3_terseLabel_en-US" xlink:label="lab_srt_ShareRepurchaseProgramAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Axis]</link:label>
    <link:label id="lab_srt_ShareRepurchaseProgramAxis_label_en-US" xlink:label="lab_srt_ShareRepurchaseProgramAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ShareRepurchaseProgramAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramAxis"/>
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    <link:label id="lab_nly_InterestRateSwaptionPayMember_5938460e-0ca6-420e-810f-1319a8cc29c3_terseLabel_en-US" xlink:label="lab_nly_InterestRateSwaptionPayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long pay</link:label>
    <link:label id="lab_nly_InterestRateSwaptionPayMember_label_en-US" xlink:label="lab_nly_InterestRateSwaptionPayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swaption, Pay [Member]</link:label>
    <link:label id="lab_nly_InterestRateSwaptionPayMember_documentation_en-US" xlink:label="lab_nly_InterestRateSwaptionPayMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Rate Swaption, Pay [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestRateSwaptionPayMember" xlink:href="nly-20250331.xsd#nly_InterestRateSwaptionPayMember"/>
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    <link:label id="lab_nly_InterestRateSwapsWeightedAverageReceiveRate_ce09a8f5-825e-4e76-89a2-ba6229b7f47d_terseLabel_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAverageReceiveRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average Receive Rate</link:label>
    <link:label id="lab_nly_InterestRateSwapsWeightedAverageReceiveRate_label_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAverageReceiveRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swaps Weighted Average Receive Rate</link:label>
    <link:label id="lab_nly_InterestRateSwapsWeightedAverageReceiveRate_documentation_en-US" xlink:label="lab_nly_InterestRateSwapsWeightedAverageReceiveRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average receive rate for interest rate swaps.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestRateSwapsWeightedAverageReceiveRate" xlink:href="nly-20250331.xsd#nly_InterestRateSwapsWeightedAverageReceiveRate"/>
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    <link:label id="lab_nly_EarningsPerShareBasicAndDiluted1Abstract_f2797550-eca7-41d9-8b46-d5eb182b62f3_terseLabel_en-US" xlink:label="lab_nly_EarningsPerShareBasicAndDiluted1Abstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) per share available (related) to common share</link:label>
    <link:label id="lab_nly_EarningsPerShareBasicAndDiluted1Abstract_label_en-US" xlink:label="lab_nly_EarningsPerShareBasicAndDiluted1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Basic and Diluted1 [Abstract]</link:label>
    <link:label id="lab_nly_EarningsPerShareBasicAndDiluted1Abstract_documentation_en-US" xlink:label="lab_nly_EarningsPerShareBasicAndDiluted1Abstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Basic and Diluted1</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateLineItems_51cc5e0f-ad05-4e76-8d47-6e95d297d1f2_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateLineItems_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateLineItems" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MortgageLoansOnRealEstateLineItems"/>
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    <link:label id="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember_8f343aed-8e52-4d9e-a8b4-57421b5ac828_terseLabel_en-US" xlink:label="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Multifamily</link:label>
    <link:label id="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Multifamily Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:label id="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Multifamily Mortgage Backed Securities Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:href="nly-20250331.xsd#nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:to="lab_nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MeasurementInputDelinquencyRateMember_7e786a1c-c70a-4378-8a6c-a5ac9513ef7b_terseLabel_en-US" xlink:label="lab_nly_MeasurementInputDelinquencyRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delinquency rate</link:label>
    <link:label id="lab_nly_MeasurementInputDelinquencyRateMember_label_en-US" xlink:label="lab_nly_MeasurementInputDelinquencyRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Input, Delinquency Rate [Member]</link:label>
    <link:label id="lab_nly_MeasurementInputDelinquencyRateMember_documentation_en-US" xlink:label="lab_nly_MeasurementInputDelinquencyRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measurement Input, Delinquency Rate [Member]</link:label>
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    <link:label id="lab_nly_AtthemarketSaleProgramMember_9ed8b504-5bd1-4715-80fc-c2be72460724_terseLabel_en-US" xlink:label="lab_nly_AtthemarketSaleProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">At-the-market Sale Program</link:label>
    <link:label id="lab_nly_AtthemarketSaleProgramMember_label_en-US" xlink:label="lab_nly_AtthemarketSaleProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">At-the-market Sale Program [Member]</link:label>
    <link:label id="lab_nly_AtthemarketSaleProgramMember_documentation_en-US" xlink:label="lab_nly_AtthemarketSaleProgramMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">At-the-market Sale Program [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_AtthemarketSaleProgramMember" xlink:href="nly-20250331.xsd#nly_AtthemarketSaleProgramMember"/>
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    <link:label id="lab_nly_RealizedGainLossOnDerivatives_ddae1da1-5ef6-4aea-961a-b48ca63dfb02_terseLabel_en-US" xlink:label="lab_nly_RealizedGainLossOnDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realized Gain (Loss)</link:label>
    <link:label id="lab_nly_RealizedGainLossOnDerivatives_label_en-US" xlink:label="lab_nly_RealizedGainLossOnDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Realized Gain (Loss) on Derivatives</link:label>
    <link:label id="lab_nly_RealizedGainLossOnDerivatives_documentation_en-US" xlink:label="lab_nly_RealizedGainLossOnDerivatives" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Realized gain (loss) on derivatives.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_RealizedGainLossOnDerivatives" xlink:href="nly-20250331.xsd#nly_RealizedGainLossOnDerivatives"/>
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    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpenseAbstract_1b56b11c-f5a5-4d77-bb64-15966482c8b4_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">General and administrative expenses</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General and Administrative Expense [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GeneralAndAdministrativeExpenseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_MortgageLoansFairValueDisclosure_84737c1d-5c6f-44ec-9738-20469ce51f47_terseLabel_en-US" xlink:label="lab_nly_MortgageLoansFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value</link:label>
    <link:label id="lab_nly_MortgageLoansFairValueDisclosure_c2283f65-c374-4679-9b54-2fe8b6d78a06_verboseLabel_en-US" xlink:label="lab_nly_MortgageLoansFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Residential mortgage loans</link:label>
    <link:label id="lab_nly_MortgageLoansFairValueDisclosure_label_en-US" xlink:label="lab_nly_MortgageLoansFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans Fair Value Disclosure</link:label>
    <link:label id="lab_nly_MortgageLoansFairValueDisclosure_documentation_en-US" xlink:label="lab_nly_MortgageLoansFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage loans fair value disclosure.</link:label>
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    <link:label id="lab_dei_EntityAddressCityOrTown_d6126eb0-bf7a-4652-9e0e-a595be7e9887_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
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    <link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_9382aa51-f17a-4819-ae75-eb3b008045cd_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments, Debt and Equity Securities [Abstract]</link:label>
    <link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments, Debt and Equity Securities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
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    <link:label id="lab_us-gaap_UnderlyingAssetClassDomain_49e3dce9-a75e-444f-8808-ea4ff877b5d7_terseLabel_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying Asset Class [Domain]</link:label>
    <link:label id="lab_us-gaap_UnderlyingAssetClassDomain_label_en-US" xlink:label="lab_us-gaap_UnderlyingAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underlying Asset Class [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnderlyingAssetClassDomain" xlink:to="lab_us-gaap_UnderlyingAssetClassDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_AgencyMortgageBackedSecuritiesRecognizedThroughComprehensiveIncomeMember_372c3aeb-e0bd-4be9-8bd3-d105b21cd063_terseLabel_en-US" xlink:label="lab_nly_AgencyMortgageBackedSecuritiesRecognizedThroughComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Agency mortgage-backed securities, recognized through comprehensive income</link:label>
    <link:label id="lab_nly_AgencyMortgageBackedSecuritiesRecognizedThroughComprehensiveIncomeMember_label_en-US" xlink:label="lab_nly_AgencyMortgageBackedSecuritiesRecognizedThroughComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Agency Mortgage Backed Securities, Recognized Through Comprehensive Income [Member]</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_7e701f26-308f-4f95-9f1f-52c0156dd0e1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets</link:label>
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    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems_7ba38f0d-ac67-4ec3-9452-97f4400fbc0c_terseLabel_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized Loss Position For:</link:label>
    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems_label_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities in a continuous unrealized loss position [Line Items]</link:label>
    <link:label id="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems_documentation_en-US" xlink:label="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage-Backed Securities in a continuous unrealized loss position [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:href="nly-20250331.xsd#nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:to="lab_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember_terseLabel_en-US" xlink:label="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year</link:label>
    <link:label id="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember_label_en-US" xlink:label="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:to="lab_ecd_DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock_0b413247-8fc3-4643-9e24-bf2057c228bc_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of Agency Mortgage Backed Securities</link:label>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Mortgage Backed Securities Agency Concentration [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of mortgage baked securities agency concentration.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:to="lab_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral_455232f0-48c1-4a3e-9329-e402bc29efed_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of collateral received for reverse repurchase agreements</link:label>
    <link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Securities Purchased under Agreements to Resell, Fair Value of Collateral</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OBX2025NQMIMember_ab91b258-0e61-4719-9296-f040a6203fa4_terseLabel_en-US" xlink:label="lab_nly_OBX2025NQMIMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">OBX 2025-NQM1</link:label>
    <link:label id="lab_nly_OBX2025NQMIMember_label_en-US" xlink:label="lab_nly_OBX2025NQMIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">OBX 2025-NQMI [Member]</link:label>
    <link:label id="lab_nly_OBX2025NQMIMember_documentation_en-US" xlink:label="lab_nly_OBX2025NQMIMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">OBX 2025-NQMI</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OBX2025NQMIMember" xlink:href="nly-20250331.xsd#nly_OBX2025NQMIMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OBX2025NQMIMember" xlink:to="lab_nly_OBX2025NQMIMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_cb93b858-7590-4b67-b290-973bd4583898_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities, Fair Value Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalYearFocus_4ab4e750-fe11-4529-b860-64c9ab923516_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_c5a6f2b4-7aab-4de6-b4ce-1ce94eff3fec_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmountRollForward_5b82c063-dd5e-4bb9-81cf-6025f37a25c6_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmountRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Amount [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAmountRollForward_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAmountRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Amount [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmountRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetAtFairValueAmountRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtFairValueAmountRollForward" xlink:to="lab_us-gaap_ServicingAssetAtFairValueAmountRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_d2bb4a51-4b3f-42cb-879d-f0b0c489d755_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2025 (remaining)</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure_0a441396-f6e2-472d-9af4-b6d458e37173_terseLabel_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other derivatives</link:label>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure_label_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Derivative Financial Instruments Assets Fair Value Disclosure</link:label>
    <link:label id="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure_documentation_en-US" xlink:label="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other derivative instrument obligations meeting the definition of an asset which the Company is a party to as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:href="nly-20250331.xsd#nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:to="lab_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_fcf4ca12-3fdb-45a4-b19d-1e580ad94239_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_502ca764-1224-4686-afa5-e80db2bc1077_terseLabel_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Stock [Axis]</link:label>
    <link:label id="lab_us-gaap_SubsidiarySaleOfStockAxis_label_en-US" xlink:label="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsidiarySaleOfStockAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis" xlink:to="lab_us-gaap_SubsidiarySaleOfStockAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract_0ea562cb-3ddf-428a-b513-52d9076d6047_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse Repurchase Agreements</link:label>
    <link:label id="lab_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract_label_en-US" xlink:label="lab_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured Debt, Repurchase and Reverse Repurchase Agreements and Dollar Rolls [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract" xlink:to="lab_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_c024d4e1-f7a8-4fba-b86e-2fa020a85714_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total lease payments</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_InsiderTradingArrLineItems_label_en-US" xlink:label="lab_ecd_InsiderTradingArrLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insider Trading Arrangements [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_InsiderTradingArrLineItems" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTradingArrLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_InsiderTradingArrLineItems" xlink:to="lab_ecd_InsiderTradingArrLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium_403deb06-66a8-465d-8983-19f9a106228c_terseLabel_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Remaining Premium</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium_label_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Remaining Premium</link:label>
    <link:label id="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium_documentation_en-US" xlink:label="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Remaining Premium</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:href="nly-20250331.xsd#nly_DebtSecuritiesAvailableforsaleRemainingPremium"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:to="lab_nly_DebtSecuritiesAvailableforsaleRemainingPremium" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_0b2195bf-760c-409e-b61d-26e3fcd44d11_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock_513ee916-55e6-442f-b784-dfddaa6937f4_terseLabel_en-US" xlink:label="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates</link:label>
    <link:label id="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock_label_en-US" xlink:label="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Repurchase Agreements Remaining Maturity [Table Text Block]</link:label>
    <link:label id="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock_documentation_en-US" xlink:label="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of the remaining maturity of repurchase agreements as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:href="nly-20250331.xsd#nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:to="lab_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeOperating_a0a3748e-0fd4-4d36-8998-76979c17a5f1_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeOperating_bedf4ae5-3ec1-4a45-b556-0ead7a3a48ba_totalLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Income, Operating</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOperating" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestIncomeOperating"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating" xlink:to="lab_us-gaap_InterestIncomeOperating" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_6e9b44f1-6d26-4754-a9f3-e2b25058840f_terseLabel_en-US" xlink:label="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</link:label>
    <link:label id="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_label_en-US" xlink:label="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:label id="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember_documentation_en-US" xlink:label="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:href="nly-20250331.xsd#nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:to="lab_nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentTransitionReport_f1e8f393-0f59-437a-a7c3-a15fa91eb888_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentTransitionReport"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_66fd910f-abee-4918-a896-0ae1c3e0952a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_OtherLocationMember_e2341f18-10b2-48d5-b751-0879825a1482_verboseLabel_en-US" xlink:label="lab_nly_OtherLocationMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">All other (none individually greater than 5%)</link:label>
    <link:label id="lab_nly_OtherLocationMember_label_en-US" xlink:label="lab_nly_OtherLocationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Location [Member]</link:label>
    <link:label id="lab_nly_OtherLocationMember_documentation_en-US" xlink:label="lab_nly_OtherLocationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Location [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_OtherLocationMember" xlink:href="nly-20250331.xsd#nly_OtherLocationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_OtherLocationMember" xlink:to="lab_nly_OtherLocationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCurrentReportingStatus_db32ab80-350c-41b8-b098-79d50a38faa8_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCurrentReportingStatus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RetainedEarningsMember_e770075f-6483-4f57-9c44-d940a9446c33_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained Earnings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RetainedEarningsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement_c4a52b7a-df1f-4693-841a-bd278b9f93bd_totalLabel_en-US" xlink:label="lab_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Netted amounts</link:label>
    <link:label id="lab_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Purchased under Agreement to Resell, Subject to Master Netting Arrangement, after Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_ProceedsFromRepurchaseAgreements_8b9b18d6-b283-420b-9792-b73a628200cc_terseLabel_en-US" xlink:label="lab_nly_ProceedsFromRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase agreements and other secured financing</link:label>
    <link:label id="lab_nly_ProceedsFromRepurchaseAgreements_label_en-US" xlink:label="lab_nly_ProceedsFromRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase agreements</link:label>
    <link:label id="lab_nly_ProceedsFromRepurchaseAgreements_documentation_en-US" xlink:label="lab_nly_ProceedsFromRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of proceeds from repurchase agreements.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_ProceedsFromRepurchaseAgreements" xlink:href="nly-20250331.xsd#nly_ProceedsFromRepurchaseAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_ProceedsFromRepurchaseAgreements" xlink:to="lab_nly_ProceedsFromRepurchaseAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_NumberOfInvestmentGroups_fab23d68-5c8d-4de7-a703-432a0e603f39_terseLabel_en-US" xlink:label="lab_nly_NumberOfInvestmentGroups" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of investment groups</link:label>
    <link:label id="lab_nly_NumberOfInvestmentGroups_label_en-US" xlink:label="lab_nly_NumberOfInvestmentGroups" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Investment Groups</link:label>
    <link:label id="lab_nly_NumberOfInvestmentGroups_documentation_en-US" xlink:label="lab_nly_NumberOfInvestmentGroups" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Investment Groups</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_NumberOfInvestmentGroups" xlink:href="nly-20250331.xsd#nly_NumberOfInvestmentGroups"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_NumberOfInvestmentGroups" xlink:to="lab_nly_NumberOfInvestmentGroups" xlink:type="arc" order="1"/>
    <link:label id="lab_nly_InterestPaidOnRepurchaseAgreements_99676df8-785f-4393-8ba7-0fe8fa589d66_terseLabel_en-US" xlink:label="lab_nly_InterestPaidOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase agreements</link:label>
    <link:label id="lab_nly_InterestPaidOnRepurchaseAgreements_label_en-US" xlink:label="lab_nly_InterestPaidOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Paid On Repurchase Agreements</link:label>
    <link:label id="lab_nly_InterestPaidOnRepurchaseAgreements_documentation_en-US" xlink:label="lab_nly_InterestPaidOnRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest expense related to securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_nly_InterestPaidOnRepurchaseAgreements" xlink:href="nly-20250331.xsd#nly_InterestPaidOnRepurchaseAgreements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nly_InterestPaidOnRepurchaseAgreements" xlink:to="lab_nly_InterestPaidOnRepurchaseAgreements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAdditions_4df6577f-2fdf-4016-a043-eab176311f20_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAdditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases</link:label>
    <link:label id="lab_us-gaap_ServicingAssetAtFairValueAdditions_label_en-US" xlink:label="lab_us-gaap_ServicingAssetAtFairValueAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Servicing Asset at Fair Value, Additions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAdditions" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ServicingAssetAtFairValueAdditions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtFairValueAdditions" xlink:to="lab_us-gaap_ServicingAssetAtFairValueAdditions" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable_07418ceb-d134-4361-ba90-69156b244331_terseLabel_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Table]</link:label>
    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable_label_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable" xlink:to="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell_556e0a29-ae3c-49bf-ae9d-56534aefcb44_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payments on reverse repurchase agreements</link:label>
    <link:label id="lab_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Securities Purchased under Agreements to Resell</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_dd473e07-a6f7-47ea-9017-2ee23ef5eb90_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_ecd_ExecutiveCategoryAxis_terseLabel_en-US" xlink:label="lab_ecd_ExecutiveCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Executive Category:</link:label>
    <link:label id="lab_ecd_ExecutiveCategoryAxis_label_en-US" xlink:label="lab_ecd_ExecutiveCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Category [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ExecutiveCategoryAxis" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ExecutiveCategoryAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ecd_ExecutiveCategoryAxis" xlink:to="lab_ecd_ExecutiveCategoryAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_82d6d185-47e4-4bf9-b658-d69b4e6a05ac_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit)</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>24
<FILENAME>nly-20250331_pre.xml
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    <link:loc xlink:type="locator" xlink:label="loc_ecd_RestatementDeterminationDate" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_RestatementDeterminationDate"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_RestatementDeterminationDate" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompAmt" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AggtErrCompAmt"/>
    <link:presentationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_AggtErrCompAmt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_ErrCompAnalysisTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_ErrCompAnalysisTextBlock"/>
    <link:presentationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_ErrCompAnalysisTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_StkPrcOrTsrEstimationMethodTextBlock"/>
    <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_StkPrcOrTsrEstimationMethodTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
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    <link:presentationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_OutstandingAggtErrCompAmt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_ecd_AggtErrCompNotYetDeterminedTextBlock" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_AggtErrCompNotYetDeterminedTextBlock"/>
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    <link:presentationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ecd_RecoveryOfErrCompDisclosureLineItems" xlink:to="loc_ecd_ForgoneRecoveryExplanationOfImpracticabilityTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COVER PAGE - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Apr. 30, 2025</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 31,  2025<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
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<td class="text">1-13447<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ANNALY CAPITAL MANAGEMENT INC<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">22-3479661<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1211 Avenue of the Americas<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York,<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10036<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
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<td class="text">696-0100<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">605,089,071<span></span>
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<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2025<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q1<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001043219<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock, par value $0.01 per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of Each Class</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Name of Each Exchange on Which Registered</a></td>
<td class="text">NYSE<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of Each Class</a></td>
<td class="text">6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.F<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Name of Each Exchange on Which Registered</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of Each Class</a></td>
<td class="text">6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.G<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Name of Each Exchange on Which Registered</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of Each Class</a></td>
<td class="text">6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NLY.I<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Name of Each Exchange on Which Registered</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentQuarterlyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an quarterly report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-Q<br> -Number 240<br> -Section 308<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentQuarterlyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.95SeriesFFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.50SeriesGFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_A6.75SeriesIFixedtoFloatingRateCumulativeRedeemablePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><sup>[2]</sup></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents (includes pledged assets of $1,536,590 and $1,202,880, respectively)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,833,528<span></span>
</td>
<td colspan="2" class="nump">$ 1,488,027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Securities (includes pledged assets of $63,270,998 and $67,692,062, respectively)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">70,361,364<span></span>
</td>
<td colspan="2" class="nump">69,756,447<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Loans, net (includes pledged assets of $3,708,202 and $2,754,028, respectively)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">3,860,555<span></span>
</td>
<td colspan="2" class="nump">3,546,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAsset', window );">Mortgage servicing rights (includes pledged assets of $2,793,456 and $2,460,252, respectively)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,272,902<span></span>
</td>
<td colspan="2" class="nump">2,909,134<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds', window );">Assets transferred or pledged to securitization vehicles</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,464,281<span></span>
</td>
<td colspan="2" class="nump">21,973,188<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Derivative assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,257<span></span>
</td>
<td colspan="2" class="nump">225,351<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,523<span></span>
</td>
<td colspan="2" class="nump">2,201,447<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FinancingAndAccruedInvestmentIncomeReceivable', window );">Principal and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">836,946<span></span>
</td>
<td colspan="2" class="nump">1,069,038<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,743<span></span>
</td>
<td colspan="2" class="nump">9,416<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">407,247<span></span>
</td>
<td colspan="2" class="nump">377,434<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105,115,346<span></span>
</td>
<td colspan="2" class="nump">103,556,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement', window );">Repurchase agreements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61,659,460<span></span>
</td>
<td colspan="2" class="nump">65,688,923<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherSecuredFinancings', window );">Other secured financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">900,000<span></span>
</td>
<td colspan="2" class="nump">750,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVie', window );">Debt issued by securitization vehicles</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,802,193<span></span>
</td>
<td colspan="2" class="nump">19,540,678<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,748,273<span></span>
</td>
<td colspan="2" class="nump">1,154,816<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,519,125<span></span>
</td>
<td colspan="2" class="nump">2,470,629<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Derivative liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">181,065<span></span>
</td>
<td colspan="2" class="nump">59,586<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,304,774<span></span>
</td>
<td colspan="2" class="nump">308,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Interest payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">285,858<span></span>
</td>
<td colspan="2" class="nump">268,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">421,637<span></span>
</td>
<td colspan="2" class="nump">375,932<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableAndOtherAccruedLiabilities', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">208,453<span></span>
</td>
<td colspan="2" class="nump">242,269<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">92,030,838<span></span>
</td>
<td colspan="2" class="nump">90,859,432<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders&#8217; equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, par value $0.01 per share, 63,500,000 authorized, issued and outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,536,569<span></span>
</td>
<td colspan="2" class="nump">1,536,569<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, par value $0.01 per share, 1,468,250,000 authorized, 602,338,286 and 578,357,118 issued and outstanding, respectively</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,023<span></span>
</td>
<td colspan="2" class="nump">5,784<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,749,468<span></span>
</td>
<td colspan="2" class="nump">25,257,716<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(787,402)<span></span>
</td>
<td colspan="2" class="num">(1,017,682)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,509,942)<span></span>
</td>
<td colspan="2" class="num">(13,173,146)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders&#8217; equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,994,716<span></span>
</td>
<td colspan="2" class="nump">12,609,241<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">89,792<span></span>
</td>
<td colspan="2" class="nump">87,711<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,084,508<span></span>
</td>
<td colspan="2" class="nump">12,696,952<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 105,115,346<span></span>
</td>
<td colspan="2" class="nump">$ 103,556,384<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes cash of consolidated Variable Interest Entities (&#8220;VIEs&#8221;) of $3.7 million and $2.8 million at March 31, 2025 and December 31, 2024, respectively.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Excludes $2.3 billion and $2.2&#160;billion at March 31, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company&#8217;s Consolidated Statements of Financial Condition.&#160;</span></div></td>
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<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes $6.3 million and $10.0&#160;million of residential mortgage loans held for sale at March 31, 2025 and December 31, 2024, respectively.</span></div></td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financing And Accrued Investment Income Receivable</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount receivable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritizedDebtOfConsolidatedVie">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securitized debt of consolidated VIE</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndOtherAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities incurred and payable to vendors for goods and services received, and accrued liabilities classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(10)(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndOtherAccruedLiabilities</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(18))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
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320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5C<br> -Subparagraph (SX 210.12-13C(Column H))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C<br><br>Reference 26: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column E))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br><br>Reference 27: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5B<br> -Subparagraph (SX 210.12-13B(Column E))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B<br><br>Reference 28: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of obligations incurred from short sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortized cost excluding accrued interest, after allowance for credit loss, of financing receivable. Excludes net investment in lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479344/326-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482686/350-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest payable on debt, including, but not limited to, trade payables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iv))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iv))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSecuredFinancings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Secured financing other than securities sold under agreements to repurchase and securities loaned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 15<br> -Paragraph 83<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480647/815-10-15-83<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSecuredFinancings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the participation liability at the end of the accounting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481212/470-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated undistributed earnings (deficit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after effect of master netting arrangement, of fund outstanding borrowed in form of security repurchase agreement for sale and repurchase of identical or substantially same security at date certain for specified price. Includes financial instrument subject to master netting arrangement not elected or qualified to offset. Excludes security sold under agreement to repurchase not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate amount of servicing assets that are subsequently measured at fair value and servicing assets that are subsequently measured using the amortization method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the initial fair value recorded for assets received on transfer of financial assets in a securitization, asset-backed financing arrangement, or a similar transfer which transaction is recognized as a sale of the transferred financial assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TransfersOfFinancialAssetsAccountedForAsSaleInitialFairValueOfAssetsObtainedAsProceeds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCollateralForBorrowedSecurities', window );">Pledged assets included in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,536,590<span></span>
</td>
<td class="nump">$ 1,202,880<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Pledged assets in securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">70,361,364<span></span>
</td>
<td class="nump">69,756,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Pledged assets in loans, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">3,860,555<span></span>
</td>
<td class="nump">3,546,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAsset', window );">Pledged assets included in mortgage servicing rights</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,272,902<span></span>
</td>
<td class="nump">$ 2,909,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (USD per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock authorized (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock issued (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock outstanding (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (USD per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock authorized (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,468,250,000<span></span>
</td>
<td class="nump">1,468,250,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock issued (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">602,338,286<span></span>
</td>
<td class="nump">578,357,118<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock outstanding (shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">602,338,286<span></span>
</td>
<td class="nump">578,357,118<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential Mortgage Loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansReceivableHeldForSaleAmount', window );">Loans held-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,300<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Consolidated VIEs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents, at Carrying Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,700<span></span>
</td>
<td class="nump">2,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Consolidated VIEs | Non-Agency Mortgage-Backed Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,300,000<span></span>
</td>
<td class="nump">2,200,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PledgedStatusAxis=us-gaap_AssetPledgedAsCollateralMember', window );">Asset Pledged as Collateral</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Pledged assets in securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,270,998<span></span>
</td>
<td class="nump">67,692,062<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Pledged assets in loans, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,708,202<span></span>
</td>
<td class="nump">2,754,028<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAsset', window );">Pledged assets included in mortgage servicing rights</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,793,456<span></span>
</td>
<td class="nump">$ 2,460,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Excludes $2.3 billion and $2.2&#160;billion at March 31, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company&#8217;s Consolidated Statements of Financial Condition.&#160;</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes $6.3 million and $10.0&#160;million of residential mortgage loans held for sale at March 31, 2025 and December 31, 2024, respectively.</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCollateralForBorrowedSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of cash collateral held for borrowed securities, for which the cash is restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCollateralForBorrowedSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortized cost excluding accrued interest, after allowance for credit loss, of financing receivable. Excludes net investment in lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479344/326-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansReceivableHeldForSaleAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before valuation allowance, of financing receivable classified as held-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477011/948-310-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansReceivableHeldForSaleAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate amount of servicing assets that are subsequently measured at fair value and servicing assets that are subsequently measured using the amortization method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PledgedStatusAxis=us-gaap_AssetPledgedAsCollateralMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PledgedStatusAxis=us-gaap_AssetPledgedAsCollateralMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNetAbstract', window );"><strong>Net interest income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">$ 1,317,108<span></span>
</td>
<td class="nump">$ 1,094,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpenseOperating', window );">Interest expense</a></td>
<td class="nump">1,097,137<span></span>
</td>
<td class="nump">1,100,939<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">219,971<span></span>
</td>
<td class="num">(6,451)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NoninterestIncomeAbstract', window );"><strong>Net servicing income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">140,435<span></span>
</td>
<td class="nump">115,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">14,113<span></span>
</td>
<td class="nump">12,216<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">126,322<span></span>
</td>
<td class="nump">102,868<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLossesAbstract', window );"><strong>Other income (loss)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Net gains (losses) on investments and other</a></td>
<td class="nump">810,812<span></span>
</td>
<td class="num">(994,127)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries', window );">Net gains (losses) on derivatives</a></td>
<td class="num">(977,867)<span></span>
</td>
<td class="nump">1,377,144<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other, net</a></td>
<td class="nump">7,398<span></span>
</td>
<td class="nump">23,367<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other income (loss)</a></td>
<td class="num">(159,657)<span></span>
</td>
<td class="nump">406,384<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpenseAbstract', window );"><strong>General and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Compensation expense</a></td>
<td class="nump">37,297<span></span>
</td>
<td class="nump">28,721<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Other general and administrative expenses</a></td>
<td class="nump">10,767<span></span>
</td>
<td class="nump">9,849<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Total general and administrative expenses</a></td>
<td class="nump">48,064<span></span>
</td>
<td class="nump">38,570<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="nump">138,572<span></span>
</td>
<td class="nump">464,231<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="nump">8,267<span></span>
</td>
<td class="num">(943)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">130,305<span></span>
</td>
<td class="nump">465,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">124,224<span></span>
</td>
<td class="nump">462,892<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">37,157<span></span>
</td>
<td class="nump">37,061<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="nump">$ 87,067<span></span>
</td>
<td class="nump">$ 425,831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income (loss) per share available (related) to common stockholders</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic (in dollars per share)</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.85<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted (in dollars per share)</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.85<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract', window );"><strong>Weighted average number of common shares outstanding</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic (in shares)</a></td>
<td class="nump">587,149,704<span></span>
</td>
<td class="nump">500,612,840<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted (in shares)</a></td>
<td class="nump">588,420,998<span></span>
</td>
<td class="nump">501,182,043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income (loss)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">$ 130,305<span></span>
</td>
<td class="nump">$ 465,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">164,877<span></span>
</td>
<td class="num">(281,869)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">65,403<span></span>
</td>
<td class="nump">335,351<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="nump">53,482<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="nump">360,585<span></span>
</td>
<td class="nump">518,656<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="nump">354,504<span></span>
</td>
<td class="nump">516,374<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">37,157<span></span>
</td>
<td class="nump">37,061<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders', window );">Comprehensive income (loss) attributable to common stockholders</a></td>
<td class="nump">$ 317,347<span></span>
</td>
<td class="nump">$ 479,313<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ComprehensiveIncomeLossAttributableToCommonStockHolders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Comprehensive income (loss) attributable to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ComprehensiveIncomeLossAttributableToCommonStockHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative, Gain (Loss) on Derivative, Net, Including US Treasuries</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativeGainLossonDerivativeNetIncludingUSTreasuries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NetServicingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net servicing income less servicing expense</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NetServicingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ServicingAndRelatedExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Servicing and Related Expense</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ServicingAndRelatedExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(26))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -SubTopic 10<br> -Topic 810<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-21<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-19<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
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<tr>
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<tr>
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</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
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<tr>
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<tr>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income from mortgage banking activities (fees and commissions) and servicing real estate mortgages, credit cards, and other financial assets held by others net of any related impairment of capitalized service costs. Also includes any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)(Instruction 3)<br> -Publisher SEC<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FeesAndCommissionsMortgageBankingAndServicing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseOperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income (expense) classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeExpenseNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeExpenseNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 39<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477346/946-830-45-39<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(1)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LaborAndRelatedExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LaborAndRelatedExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoninterestIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoninterestIncomeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLossesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLossesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-17<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-4<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-5<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482739/220-10-55-15<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-15<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-17A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2"><div>Total</div></th>
<th class="th"><div>Total stockholder&#8217;s equity</div></th>
<th class="th"><div>Preferred stock</div></th>
<th class="th"><div>Common stock</div></th>
<th class="th"><div>Additional paid-in capital</div></th>
<th class="th"><div>Accumulated other comprehensive income (loss)</div></th>
<th class="th" colspan="2"><div>Accumulated deficit</div></th>
<th class="th"><div>Noncontrolling interests</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Beginning of period at Dec. 31, 2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,536,569<span></span>
</td>
<td class="nump">$ 5,001<span></span>
</td>
<td class="nump">$ 23,672,391<span></span>
</td>
<td class="num">$ (1,335,400)<span></span>
</td>
<td class="num">$ (12,622,768)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 89,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(48)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation', window );">Stock-based award activity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">1,344<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (281,869)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(281,869)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">335,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">335,351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">462,892<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">462,892<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends declared on preferred stock</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(37,061)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends and dividend equivalents declared on common stock and stock-based awards</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(326,872)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(326,872)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income (loss) attributable to noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,282)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders', window );">Equity contributions from (distributions to) noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,000)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">End of period at Mar. 31, 2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,496,113<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 11,409,533<span></span>
</td>
<td class="nump">1,536,569<span></span>
</td>
<td class="nump">5,004<span></span>
</td>
<td class="nump">23,673,687<span></span>
</td>
<td class="num">(1,281,918)<span></span>
</td>
<td class="num">(12,523,809)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">86,580<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Beginning of period at Dec. 31, 2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,696,952<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,536,569<span></span>
</td>
<td class="nump">5,784<span></span>
</td>
<td class="nump">25,257,716<span></span>
</td>
<td class="num">(1,017,682)<span></span>
</td>
<td class="num">(13,173,146)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">87,711<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">233<span></span>
</td>
<td class="nump">495,274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation', window );">Stock-based award activity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="num">(3,522)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164,877<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">164,877<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65,403<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">124,224<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">124,224<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends declared on preferred stock</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(37,157)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends and dividend equivalents declared on common stock and stock-based awards</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(423,863)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(423,863)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income (loss) attributable to noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,081)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,081<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders', window );">Equity contributions from (distributions to) noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,000)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">End of period at Mar. 31, 2025</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 13,084,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 12,994,716<span></span>
</td>
<td class="nump">$ 1,536,569<span></span>
</td>
<td class="nump">$ 6,023<span></span>
</td>
<td class="nump">$ 25,749,468<span></span>
</td>
<td class="num">$ (787,402)<span></span>
</td>
<td class="num">$ (13,509,942)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 89,792<span></span>
</td>
</tr>
<tr><td colspan="11"></td></tr>
<tr><td colspan="11"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Refer to the &#8220;Capital Stock&#8221; Note for dividends per share for each class of shares.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-15<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-17A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value, after forfeiture, of shares granted under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 30<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480513/718-10-30-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 30<br> -Section 35<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480843/718-30-35-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">3 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">$ 130,305<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 465,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income (loss) to net cash provided by (used in) operating&#160;activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments', window );">Amortization of premiums and discounts of investments, net</a></td>
<td class="nump">71,249<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet', window );">Amortization of securitized debt premiums and discounts and deferred financing costs</a></td>
<td class="num">(2,724)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,292<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DepreciationDepletionAndAmortizationExcludingAmortizationOfDebtPremiumsAndDiscountsDeferredFinancingCostsAndDiscountsOfInvestments', window );">Depreciation, amortization and other noncash expenses</a></td>
<td class="nump">9,217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,884<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_GainLossOnInvestmentsDebtAndDerivatives', window );">Net (gains) losses on investments and derivatives</a></td>
<td class="nump">358,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(52,868)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income (loss) from unconsolidated joint ventures</a></td>
<td class="nump">4,376<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,381<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentsForPurchaseOfLoansOperatingActivities', window );">Payments on purchases of loans held for sale</a></td>
<td class="num">(38,611)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,643)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfLoansHeldForSale', window );">Proceeds from sales and repayments of loans held for sale</a></td>
<td class="nump">42,072<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsFromUSTreasurySecurities', window );">Proceeds from U.S. Treasury securities</a></td>
<td class="nump">2,465,677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,093,527<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentsOnU.S.TreasurySecurities', window );">Payments on U.S. Treasury securities</a></td>
<td class="num">(2,486,009)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,093,489)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities', window );">Net receipts (payments) on derivatives</a></td>
<td class="num">(899,210)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">826,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Net change in</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Other assets</a></td>
<td class="num">(26,196)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,877)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable', window );">Interest receivable</a></td>
<td class="nump">230,790<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">354,997<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Interest payable</a></td>
<td class="nump">17,541<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">62,468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Other liabilities</a></td>
<td class="num">(33,343)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,277<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by (used in) operating activities</a></td>
<td class="num">(156,266)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,697,889<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt', window );">Payments on purchases of securities</a></td>
<td class="num">(4,368,706)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,788,513)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt', window );">Proceeds from sales of securities</a></td>
<td class="nump">7,337,167<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,483,792<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities', window );">Principal payments on securities</a></td>
<td class="nump">1,672,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,424,656<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireFinanceReceivables', window );">Payments on purchases and origination of loans</a></td>
<td class="num">(3,875,537)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,134,429)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities', window );">Proceeds from sales of loans</a></td>
<td class="nump">378,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities', window );">Principal payments on loans</a></td>
<td class="nump">900,695<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">363,741<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR', window );">Payments on purchases of MSR</a></td>
<td class="num">(387,147)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(515,760)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR', window );">Proceeds from sales of MSR</a></td>
<td class="nump">1,871<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSecuritiesPurchasedUnderAgreementsToResell', window );">Proceeds from reverse repurchase agreements</a></td>
<td class="nump">172,207,075<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">149,589,734<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell', window );">Payments on reverse repurchase agreements</a></td>
<td class="num">(172,207,075)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(149,589,734)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings', window );">Distributions in excess of cumulative earnings from unconsolidated joint ventures</a></td>
<td class="nump">3,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
<td class="nump">1,663,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(166,513)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsFromRepurchaseAgreements', window );">Proceeds from repurchase agreements and other secured financing</a></td>
<td class="nump">1,549,426,696<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,373,554,795<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PrincipalPaymentsOnRepurchaseAgreements', window );">Payments on repurchase agreements and other secured financing</a></td>
<td class="num">(1,553,306,159)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,376,683,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt', window );">Proceeds from issuances of securitized debt</a></td>
<td class="nump">2,914,309<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,496,810<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfSecuredDebt', window );">Principal payments on securitized debt</a></td>
<td class="num">(819,591)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(323,854)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentsFromReliefOfSecuritizedDebt', window );">Payments on purchases of securitized debt</a></td>
<td class="num">(4,350)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payment of deferred financing cost</a></td>
<td class="num">(7,011)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,191)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsFromParticipatingMortgageLoans', window );">Proceeds from participations issued</a></td>
<td class="nump">1,771,940<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,001,297<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans', window );">Payments on repurchases of participations issued</a></td>
<td class="num">(1,188,368)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(933,543)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PrincipalPaymentsOnParticipationMortgageLoansIssued', window );">Principal payments on participations issued</a></td>
<td class="num">(13,110)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(15,344)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromPaymentsToMinorityShareholders', window );">Net contributions (distributions) from (to) noncontrolling interests</a></td>
<td class="num">(4,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from stock offerings, direct purchases and dividend reinvestments</a></td>
<td class="nump">495,507<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(48)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation', window );">Settlement of stock-based awards in satisfaction of withholding tax requirements</a></td>
<td class="num">(13,922)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,993)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividends paid</a></td>
<td class="num">(413,208)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(362,193)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
<td class="num">(1,161,267)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,278,154)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net (decrease) increase in cash and cash equivalents</a></td>
<td class="nump">345,501<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">253,222<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents including cash pledged as collateral, beginning of period</a></td>
<td class="nump">1,488,027<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">1,412,148<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents including cash pledged as collateral, end of period</a></td>
<td class="nump">1,833,528<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,665,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of cash flow information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromInterestReceived', window );">Interest received</a></td>
<td class="nump">1,025,159<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">915,491<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps', window );">Interest paid (excluding interest paid on interest rate swaps)</a></td>
<td class="nump">799,833<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">913,729<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestPaidNetInterestRateDerivative', window );">Net interest received (paid) on interest rate swaps</a></td>
<td class="nump">448,039<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">759,440<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Taxes received (paid)</a></td>
<td class="num">(237)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Noncash investing and financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">2,523<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">941,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">2,304,774<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,556,798<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">53,482<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">$ 421,637<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 325,286<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes cash of consolidated Variable Interest Entities (&#8220;VIEs&#8221;) of $3.7 million and $2.8 million at March 31, 2025 and December 31, 2024, respectively.</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortization Of Securitized Debt Premiums And Discounts Net</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AmortizationOfSecuritizedDebtPremiumsAndDiscountsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DepreciationDepletionAndAmortizationExcludingAmortizationOfDebtPremiumsAndDiscountsDeferredFinancingCostsAndDiscountsOfInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Depreciation, Depletion And Amortization, Excluding Amortization Of Debt Premiums And Discounts, Deferred Financing Costs, And Discounts Of Investments</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DepreciationDepletionAndAmortizationExcludingAmortizationOfDebtPremiumsAndDiscountsDeferredFinancingCostsAndDiscountsOfInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_GainLossOnInvestmentsDebtAndDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (Loss) On Investments, Debt and Derivatives</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_GainLossOnInvestmentsDebtAndDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid on the difference between fixed and variable rate interest rate swap payments during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestPaidExcludingInterestPaidOnInterestRateSwaps</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestPaidNetInterestRateDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid on the difference between fixed and variable rate interest rate swap payments during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestPaidNetInterestRateDerivative</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net change amount in unrealized (loss) gain on available-for-sale securities and interest rate swaps, net of reclassification adjustment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PayableForInvestmentSecuritiesPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PayableForInvestmentSecuritiesPurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow or inflow for derivative instruments during the period, which are classified as operating activities, excluding those designated as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentsForPurchaseOfLoansOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments For Purchase Of Loans, Operating Activities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentsForPurchaseOfLoansOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentsFromReliefOfSecuritizedDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments from Relief of Securitized Debt</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentsFromReliefOfSecuritizedDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments On Repurchase Of Participating Mortgage Loans</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentsOnRepurchaseOfParticipatingMortgageLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentsOnU.S.TreasurySecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments On U.S. Treasury Securities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentsOnU.S.TreasurySecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PrincipalPaymentsOnParticipationMortgageLoansIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Principal Payments On Participation Mortgage Loans Issued</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PrincipalPaymentsOnParticipationMortgageLoansIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PrincipalPaymentsOnRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of principal payments on repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PrincipalPaymentsOnRepurchaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ProceedsFromParticipatingMortgageLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds from Participating Mortgage Loans</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ProceedsFromParticipatingMortgageLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ProceedsFromRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of proceeds from repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ProceedsFromRepurchaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ProceedsFromUSTreasurySecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds From U.S. Treasury Securities sold, not yet purchased</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ProceedsFromUSTreasurySecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds from unconsolidated joint venture excess of cumulative earnings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ProceedsFromUnconsolidatedJointVentureExcessOfCumulativeEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ReceivableForInvestmentSecuritiesSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount receivable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ReceivableForInvestmentSecuritiesSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -SubTopic 230<br> -Topic 830<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477401/830-230-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after refund, of cash paid to foreign, federal, state, and local jurisdictions as income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2A<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 23<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-22<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount due to the entity in the form of unpaid interest and dividends.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestPayableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashInvestingAndFinancingItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with agreements to purchase and then resell securities to counterparties (reverse repurchase agreements).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForSecuritiesPurchasedUnderAgreementsToResell</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow to satisfy grantee's tax withholding obligation for award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireFinanceReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of amounts due from customers, clients, lessees, borrowers, or others under the terms of its agreements therewith.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireFinanceReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to obtain servicing rights, which contractually entitle the servicer to receive fees and ancillary revenues for performing billing, collection, disbursement and recordkeeping services in connection with a mortgage portfolio. Rights may be obtained via (1) acquisition or assumption of a servicing obligation that does not relate to financial assets of the servicer or its consolidated affiliates; or (2) by originating mortgage loans and then (a) transferring the loans to a Variable Interest Entity (VIE) in a transaction that meets the necessary transfer and classification requirements, or (b) transferring the loans in a transaction that meets the requirements for sale accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireMortgageServicingRightsMSR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromInterestReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest received on loans and other debt instruments during the current period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromInterestReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPaymentsToMinorityShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from (to) a noncontrolling interest. Excludes dividends paid to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromPaymentsToMinorityShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of securities that had been designated as held-to-maturity. Excludes proceeds from maturities, prepayments and calls by the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfLoansHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow resulting from the sale of loans classified as held-for-sale, including proceeds from loans sold through mortgage securitization.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-21<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfLoansHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of servicing rights, which contractually entitle the servicer to receive fees and ancillary revenues for performing billing, collection, disbursement and recordkeeping services in connection with a mortgage portfolio. Rights may be obtained via (1) acquisition or assumption of a servicing obligation that does not relate to financial assets of the servicer or its consolidated affiliates; or (2) by originating mortgage loans and then (a) transferring the loans to a Variable Interest Entity (VIE) in a transaction that meets the necessary transfer and classification requirements, or (b) transferring the loans in a transaction that meets the requirements for sale accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 860<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with agreements to purchase and then resell securities to counterparties (reverse repurchase agreements).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">DESCRIPTION OF BUSINESS</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">1. DESCRIPTION OF BUSINESS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Annaly Capital Management, Inc. (the &#8220;Company&#8221; or &#8220;Annaly&#8221;) is a Maryland corporation that commenced operations on February 18, 1997.&#160;The Company is a leading diversified capital manager with investment strategies across mortgage finance. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, credit risk transfer (&#8220;CRT&#8221;) securities, other securities representing interests in or obligations backed by pools of mortgage loans, residential mortgage loans and mortgage servicing rights (&#8220;MSR&#8221;). The Company&#8217;s principal business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Annaly is an internally-managed company that has elected to be taxed as a Real Estate Investment Trust (&#8220;REIT&#8221;) as defined under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the &#8220;Code&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s three investment groups are primarily comprised of the following:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:65.713%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Investment Groups</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Agency Group</span></td><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in Agency mortgage-backed securities (&#8220;MBS&#8221;) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Residential Credit Group</span></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Mortgage Servicing Rights Group</span></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in mortgage servicing rights (&#8220;MSR&#8221;), which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.</span></td></tr></table></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">BASIS OF PRESENTATION</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2. BASIS OF PRESENTATION</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company&#8217;s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the &#8220;2024 Form 10-K&#8221;). The consolidated financial information as of December 31, 2024 has been derived from audited consolidated financial statements included in the Company&#8217;s 2024 Form 10-K.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/235/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">3. SIGNIFICANT ACCOUNTING POLICIES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s significant accounting policies are described below or are included elsewhere in these notes to the consolidated financial statements.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Principles of Consolidation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (&#8220;VOE&#8221;) or a variable interest entity (&#8220;VIE&#8221;). All intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Voting Interest Entities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211; A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Variable Interest Entities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE&#8217;s </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company&#8217;s involvement with a VIE causes the Company&#8217;s consolidation conclusion to change. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Method Investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cash and Cash Equivalents &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value. Cash and securities deposited with clearing organizations and collateral held in the form of cash on margin with counterparties to the Company&#8217;s interest rate swaps and other derivatives totaled $1.5 billion and $1.2&#160;billion at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair Value Measurements and the Fair Value Option</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (&#8220;FVO&#8221;). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the &#8220;Financial Instruments&#8221; Note. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Fair Value Measurements&#8221; Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Offsetting Assets and Liabilities - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company elected to present all derivative instruments on a gross basis as discussed in the &#8220;Derivative Instruments&#8221; Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the &#8220;Secured Financing&#8221;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note for further discussion on reverse repurchase and repurchase agreements.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Instruments &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the &#8220;Derivative Instruments&#8221; Note for further discussion.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stock-Based Compensation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company&#8217;s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date.&#160;Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interest Income - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes interest income primarily on Residential Securities (as defined in the &#8220;Securities&#8221; Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#8217;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms.  If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If collection of a loan&#8217;s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has made an accounting policy election not to measure an allowance for loans losses for accrued interest receivable. If interest receivable is deemed to be uncollectible or not collected within 90 days of its contractual due date for commercial loans carried at amortized cost, it is written off through a reversal of interest income. Any interest written off that is recovered is recognized as interest income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Interest Income and Interest Expense&#8221; Note for further discussion of interest income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto.&#160;As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders.&#160;The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (&#8220;TRSs&#8221;). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the &#8220;Income Taxes&#8221; Note for further discussion on income taxes.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers the applicability and impact of all Accounting Standard Updates (&#8220;ASUs&#8221;). The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company&#8217;s consolidated financial statements when adopted or did not have a significant impact on the Company&#8217;s consolidated financial statements upon adoption.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsAllOtherInvestmentsAbstract', window );"><strong>Investments, All Other Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsDisclosureTextBlock', window );">FINANCIAL INSTRUMENTS</a></td>
<td class="text"><div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">4. FINANCIAL INSTRUMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents characteristics for certain of the Company&#8217;s financial instruments at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:19.837%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.762%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance Sheet Line Item</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Type / Form</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through other comprehensive income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,668,927</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,234,911&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (3)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">60,660,793</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59,199,157&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit risk transfer securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-agency mortgage-backed securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,451,524</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial real estate debt investments - CMBS</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,756,447&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans, net</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities purchased prior to July 1, 2022.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.</span></div></td></tr></table></div><span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURITIES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock', window );">SECURITIES</a></td>
<td class="text"><div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">5. SECURITIES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s investments in securities include agency, credit risk transfer, non-agency and commercial mortgage-backed securities. All of the debt securities are classified as available-for-sale. Available-for-sale debt securities are carried at fair value, with changes in fair value recognized in other comprehensive income, unless the fair value option is elected in which case changes in fair value are recognized in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). Effective July 1, 2022, the Company elected the fair value option for any newly purchased Agency mortgage-backed securities in order to simplify the accounting for these securities. During the three months ended March 31, 2025 and 2024, $901.6 million and ($674.0) million, respectively, of unrealized gains (losses) on the Agency mortgage-backed securities, for which the fair value option was elected, were reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).&#160;Agency mortgage-backed securities purchased prior to July 1, 2022, are still classified as available-for-sale with changes in fair value recognized in other comprehensive income. The Company has also elected the fair value option for CRT securities, interest only securities, Non-Agency and commercial mortgage-backed securities in order to simplify the accounting. Transactions for regular-way securities are recorded on trade date, including to-be-announced  (&#8220;TBA&#8221;) securities that meet the regular-way securities scope exception from derivative accounting. Gains and losses on disposals of securities are recorded on trade date based on the specific identification method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; Management evaluates available-for-sale securities where the fair value option has not been elected and held-to-maturity debt securities for impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation.&#160;When the fair value of an available-for-sale security is less than its amortized cost, the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security.&#160;Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">recognized in the Consolidated Statements of Comprehensive Income (Loss) as a securities loss provision and reflected as an allowance for credit losses on securities in the Consolidated Statements of Financial Condition, while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). When the fair value of a held-to-maturity security is less than the cost, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agency Mortgage-Backed Securities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">- </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other MBS representing interests in or obligations backed by pools of residential or multifamily mortgage loans and certificates. Many of the underlying loans and certificates are guaranteed by the Government National Mortgage Association (&#8220;Ginnie Mae&#8221;), the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) or the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;) (collectively, &#8220;Agency mortgage-backed securities&#8221;).&#160; </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis. TBA securities without intent to accept delivery (&#8220;TBA derivatives&#8221;) are accounted for as derivatives as discussed in the &#8220;Derivative Instruments&#8221; Note. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">CRT Securities - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-Agency Mortgage-Backed Securities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">- </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in non-Agency mortgage-backed securities such as those issued in prime loan, prime jumbo loan, Alt-A loan, subprime loan, non-performing loan (&#8220;NPL&#8221;) and re-performing loan (&#8220;RPL&#8221;) securitizations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agency mortgage-backed securities, non-Agency mortgage-backed securities and residential CRT securities are referred to herein as &#8220;Residential Securities.&#8221; Although the Company generally intends to hold most of its Residential Securities until maturity, it may, from time to time, sell any of its Residential Securities as part of the overall management of its portfolio.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commercial Mortgage-Backed Securities (&#8220;Commercial Securities&#8221;) - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in Commercial Securities such as conduit, credit CMBS, single-asset single borrower and collateralized loan obligations.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table represents a rollforward of the activity for the Company&#8217;s securities for the three months ended March 31, 2025:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:27.190%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Credit Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,434,068</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,248,101</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74,278</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,756,447</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,263,002</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,318</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,364,320</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,967,149)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(214,381)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,886)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,194,416)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal paydowns</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,516,963)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(152,573)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,283)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,671,819)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Amortization) / accretion</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(56,057)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,356)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(57,430)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustment</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,172,819</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,526)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(31)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,164,262</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the Company&#8217;s securities portfolio that were carried at their fair value at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:24.744%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.738%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.889%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,549,014</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,258,704</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,191,086)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,616,632</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">356,094</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,418,833)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,553,893</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">137,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,972</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">146,089</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,949</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,641)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">141,397</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,886</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,418</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,304</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13,496)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">73,808</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,757,295</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545,553</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545,553</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,256</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(105,328)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">469,481</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,947,936</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544,756</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,058)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,085,912</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,207</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(49,245)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,065,874</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,234</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,279</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,513</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,246)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98,501,522</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,361,682</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,199,184)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,508,003</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">416,506</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,594,789)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,493</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,385)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">490,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,751</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(96)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">204,309</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,062)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">202,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,969</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,696)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">197,554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,867,436</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,175</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,084)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44,362</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,035</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(700)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,697</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247,047</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,638)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217,421</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,488</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,207)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216,702</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">832,022</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,304</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,691)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">831,635</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,266</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,626)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">830,275</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,692,985</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,262</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30,144)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">146,838</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,726</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,268)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">160,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,336,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">119,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(80,004)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,932,941</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,235</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(24,593)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112,837,617</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,480,962</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,279,188)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,440,944</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,619,382)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,302,303</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,015</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">144</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,159</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(98)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112,896,632</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,481,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,279,188)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,500,103</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,619,480)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="42" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,010,762&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,329,117&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,178,444)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,161,435&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130,742&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,242,503)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,049,674&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157,123&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,936&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">169,017&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,216&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,995)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162,238&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,467&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,459&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88,926&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,242)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73,684&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,437,570&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">493,803&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">493,803&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,843&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127,914)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">380,732&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,216,351&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">514,726&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11,830)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,844,575&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,644&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(110,454)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,741,765&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24,916&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,499&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,415&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,440)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,975&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency investments</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94,934,189&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,353,540&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,190,316)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,785,171&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155,445&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,506,548)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">707,169&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,608&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,581)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">705,196&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49,819&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">172,368&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,724)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">170,679&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,694&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,481)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164,892&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,824,609&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,484&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,228)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,725&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,732&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(667)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45,790&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">280,820&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,081)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250,751&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,325&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11,493)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245,583&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">882,547&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,540&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,762)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">883,325&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,630&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,347)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">878,608&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,334,669&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84,431&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,385)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146,285&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,072&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,044)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">158,313&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,202,182&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118,110&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(79,761)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,199,961&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,272&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32,132)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,248,101&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109,136,371&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,471,650&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,270,077)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,985,132&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235,717&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,538,680)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,682,169&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,151&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">193&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,344&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109,210,522&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,471,843&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,270,077)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">72,059,476&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235,755&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,538,784)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,756,447&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="42" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $26.4&#160;billion and $22.9&#160;billion of Agency Multifamily interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $1.8&#160;billion and $1.8&#160;billion of Prime interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $10.6&#160;billion and $10.2&#160;billion of Prime Jumbo interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the Company&#8217;s Agency mortgage-backed securities portfolio by issuing Agency at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.602%"><tr><td style="width:1.0%"></td><td style="width:45.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.094%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.684%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.097%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investment Type</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fannie Mae</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,937,187</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,211,517&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Freddie Mac</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,243,501</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,115,085&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ginnie Mae</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">149,032</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107,466&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual maturities of the Company&#8217;s Residential Securities are generally shorter than stated contractual maturities because actual maturities of the portfolio are affected by periodic payments and prepayments of principal on the underlying mortgages.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the Company&#8217;s Residential Securities at March 31, 2025 and December 31, 2024, according to their estimated weighted average life classifications:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.479%"><tr><td style="width:1.0%"></td><td style="width:32.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.842%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated weighted average life</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than one year</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">369,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">369,373</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">407,856&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">408,090&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than one year through five years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,747,308</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,581</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,308,898&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,325,093&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than five years through ten years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">66,096,901</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,235,550</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,027,670&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,242,391&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than ten years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,088,691</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,087,440</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,937,745&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,009,558&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,302,303</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,440,944</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,682,169&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,985,132&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated weighted average lives of the Residential Securities at March 31, 2025 and December 31, 2024 in the table above are based upon projected principal prepayment rates. The actual weighted average lives of the Residential Securities could be longer or shorter than projected.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the gross unrealized losses and estimated fair value of the Company&#8217;s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.450%"><tr><td style="width:1.0%"></td><td style="width:16.751%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.629%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Unrealized Losses </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Unrealized Losses </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 12 months</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,285</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(547)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49,820&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,477)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 Months or more</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,502,140</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(791,682)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,311</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,054,162&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,020,427)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,377&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,530,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(792,229)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,320</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,103,982&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,021,904)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,411&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="36" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="36" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The decline in value of these securities is solely due to market conditions and not the quality of the assets.&#160; Substantially all of the Agency mortgage-backed securities have an actual or implied credit rating that is the same as that of the U.S. government.&#160;An impairment has not been recognized in earnings related to these investments because the decline in value is not related to credit quality, the Company currently has not made a decision to sell the securities nor is it more likely than not that the securities will be required to be sold before recovery. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025 and 2024, the Company disposed of $5.2 billion and $8.1 billion of Residential Securities, respectively. The following table presents the Company&#8217;s net gains (losses) from the disposal of Residential Securities for the three months ended March 31, 2025 and 2024. </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.625%"><tr><td style="width:1.0%"></td><td style="width:36.137%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.004%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.023%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.004%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.023%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.009%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Realized Gains (Losses)</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,880</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(119,486)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(54,606)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32,924&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(471,172)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(438,248)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock', window );">LOANS</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">6. LOANS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company invests in residential loans. Loans are classified as either held for investment or held for sale. Loans are eligible to be accounted for under the fair value option. If loans are elected under the fair value option, they are carried at fair value with changes in fair value recognized in earnings. Otherwise, loans held for investment are carried at cost less impairment and loans held for sale are accounted for at the lower of cost or fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Excluding loans transferred or pledged to securitization vehicles, as of March 31, 2025 and December 31, 2024, the Company had</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$3.9&#160;billion</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and $3.5&#160;billion, respectively, of loans for which the fair value option was elected. If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, the loans are classified as held for sale. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of loans held for sale on an individual loan basis. The carrying value of the Company&#8217;s residential loans held for sale was $6.3 million and $10.0 million at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of the Company&#8217;s loan investments, excluding loans transferred or pledged to securitization vehicles, for the three months ended March 31, 2025:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.742%"><tr><td style="width:1.0%"></td><td style="width:64.725%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.075%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Loans</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,546,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases / originations</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,919,866</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales and transfers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,595,522)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(48,269)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gains / (losses)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42,180</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Amortization) / accretion</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,602)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes transfer of residential loans to securitization vehicles with a carrying value of $3.2&#160;billion during the three months ended March 31, 2025.</span></div></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company&#8217;s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information related to the Company&#8217;s consolidated residential mortgage loan trusts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mortgage loans are secured by first liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian, the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.859%"><tr><td style="width:1.0%"></td><td style="width:45.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.440%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,324,836</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,520,090&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,798,298</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,297,725&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 for these investments:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:73.684%"><tr><td style="width:1.0%"></td><td style="width:67.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.177%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.179%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">426,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">252,016&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net gains (losses) on disposal of investments </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9,993)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,117)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net unrealized gains (losses) on instruments measured at fair value through earnings </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">240,830</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(84,786)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total included in net income (loss)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">656,892</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">165,113&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.157%"><tr><td style="width:1.0%"></td><td style="width:34.886%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.664%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.629%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.886%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Geographic Concentrations of Residential Mortgage Loans</span></td></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39.9%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.5%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11.2%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.8%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.1%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.4%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.4%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33.7%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34.1%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.0%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100.0%</span></td></tr><tr style="height:3pt"><td colspan="15" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides additional data on the Company&#8217;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.128%"><tr><td style="width:1.0%"></td><td style="width:28.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.854%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.697%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.898%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.697%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.702%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted<br/>Average</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted Average</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$1 - $4,396</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$465</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$1 - $4,396</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$471</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.00% - 18.00%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.54%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.00% - 18.00%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.43%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7/1/2029 - 4/1/2065</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4/24/2053</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7/1/2029 - 12/1/2064</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2/3/2053</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FICO score at loan origination</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">549 - 850</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">758</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">549 - 850</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">758</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loan-to-value ratio at loan origination</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1% - 100%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68%</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2% - 100%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68%</span></td></tr></table></div>At March 31, 2025 and December 31, 2024, approximately 15% and 16%, respectively, of the carrying value of the Company&#8217;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, were adjustable-rate.<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/310-10/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>MORTGAGE SERVICING RIGHTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TransfersAndServicingAbstract', window );"><strong>Transfers and Servicing [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TransfersAndServicingOfFinancialAssetsTextBlock', window );">MORTGAGE SERVICING RIGHTS</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">7. MORTGAGE SERVICING RIGHTS  </span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024: &#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.690%"><tr><td style="width:1.0%"></td><td style="width:59.375%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.122%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.879%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.124%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Mortgage Servicing Rights</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, beginning of period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,909,134</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,122,196&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">396,662</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">515,731&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in fair value due to:</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in valuation inputs or assumptions </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,768</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46,136&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other changes, including realization of expected cash flows</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45,662)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32,784)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value, end of period</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,651,279&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.</span></div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VARIABLE INTEREST ENTITIES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityDisclosureTextBlock', window );">VARIABLE INTEREST ENTITIES</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">8. VARIABLE INTEREST ENTITIES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s exposure to the obligations of its VIEs is generally limited to the Company&#8217;s investment in the VIEs of $2.5 billion at March 31, 2025. Assets of the VIEs may only be used to settle obligations of the VIEs. Creditors of the VIEs have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the VIEs. No gains or losses were recognized upon consolidation of existing VIEs. Interest income and expense are recognized using the effective interest method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential Securitizations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also invests in residential mortgage-backed securities issued by entities that are VIEs because they do not have sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs&#8217; economic performance. For these entities, the Company&#8217;s maximum exposure to loss is the amortized cost basis of the securities it owns and it does not provide any liquidity arrangements, guarantees or other commitments to these  VIEs. Refer to the &#8220;Securities&#8221; Note for further information on Residential Securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">OBX Trusts</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential securitizations are issued by entities generally referred to collectively as the &#8220;OBX Trusts.&#8221; These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed as of March 31, 2025 are included in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.175%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securitization</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of Closing</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Face Value at Closing</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" 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style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" 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style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM1</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618,433&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM2</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719,218&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM3</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">577,442&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM4</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">625,807&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-HE1</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">216,455&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM5</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">334,879&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025 and December 31, 2024, a total carrying value of $21.8&#160;billion and $19.5&#160;billion, respectively, of bonds were held by third parties and the Company retained $2.5&#160;billion and $2.3&#160;billion, respectively, of MBS, which were eliminated in consolidation. The Company is deemed to be the primary beneficiary and consolidates the OBX Trusts because it has power to direct the activities that most significantly impact the OBX Trusts&#8217; performance and holds a variable interest that could be potentially significant to these VIEs. Effective August 1, 2022, upon initial consolidation of new securitization entities, the Company elected to apply the measurement alternative for consolidated collateralized financing entities in order to simplify the accounting and valuation processes. The liabilities of these securitization entities are deemed to be more observable and are used to measure the fair value of the assets. The Company incurred $6.8&#160;million and $3.7&#160;million of costs during the three months ended March 31, 2025 and 2024, respectively, in connection with these securitizations that were expensed as incurred. The contractual principal amount of the OBX Trusts&#8217; debt held by third parties was $22.5&#160;billion and $20.5&#160;billion at March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded ($170.9) million and $86.0&#160;million, respectively, of unrealized gains (losses) on debt held by third parties issued by OBX Trusts, which is reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the residential mortgage loans have been sold for bankruptcy and state law purposes, the transfers of the residential mortgage loans to the OBX Trusts did not qualify for sale accounting and are reflected as intercompany secured borrowings that are eliminated upon consolidation.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Residential Credit Fund</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company manages a fund investing in participations in residential mortgage loans. The residential credit fund is deemed to be a VIE because the entity does not have sufficient equity at risk to permit the legal entity to finance its activities without additional subordinated financial support provided by any parties, including equity holders, as capital commitments are not considered equity at risk. The Company is not the primary beneficiary and does not consolidate the residential credit fund as its only interest in the fund is the management and performance fees that it earns, which are not considered variable interests in the entity. As of March 31, 2025 and December 31, 2024, the Company had outstanding participating interests in residential mortgage loans of $1.7&#160;billion and $1.2&#160;billion, respectively. These transfers do not meet the criteria for sale accounting and are accounted for as secured borrowings, thus the residential loans are reported as Loans, net and the associated liability is reported as Participations issued in the Consolidated Statements of Financial Condition. The Company elected the fair value option for participations issued with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss) to more accurately reflect the economics of the transfers as the underlying loans are carried at fair value through earnings.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/810/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract', window );"><strong>Derivative Instruments and Hedging Activities Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">DERIVATIVE INSTRUMENTS</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">9. DERIVATIVE INSTRUMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (&#8220;swaptions&#8221;), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (&#8220;SOFR&#8221;) futures contracts and certain forward purchase commitments.&#160;The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Company&#8217;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (&#8220;MAC&#8221;) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization&#8217;s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged or received under such transactions. At March 31, 2025 and December 31, 2024, ($2.6) billion and ($3.3) billion, respectively, of variation margin was reported as an adjustment to interest rate swaps, at fair value. Initial margin is reported in Cash and cash equivalents in the Consolidated Statements of Financial Condition.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Swap Agreements &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Interest rate swap agreements are the primary instruments used to mitigate interest rate risk.&#160; In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (&#8220;DCO&#8221;). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO&#8217;s market values. If an interest rate swap is terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Swaptions &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates.&#160; Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future.&#160;The Company&#8217;s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">TBA Dollar Rolls &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Futures Contracts</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance.&#160;The Company maintains margin accounts which are settled daily with Futures Commission Merchants (&#8220;FCMs&#8221;). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Forward Purchase Commitments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a &#8220;best efforts&#8221; basis. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit Derivatives &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company may enter into credit derivatives referencing a commercial mortgage-backed securities index, such as the CMBX index, and synthetic total return swaps.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes fair value information about the Company&#8217;s derivative assets and liabilities at March 31, 2025 and December 31, 2024:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"></td><td style="width:36.061%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:2.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.246%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.247%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives Instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaptions</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,595</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,635&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative assets</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,257</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225,351&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,467</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,539&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">181,065</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59,586&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="15" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s interest rate swaps at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"><tr><td style="width:1.0%"></td><td style="width:35.250%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.214%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.368%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.709%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Notional </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Pay Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Receive Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Years to Maturity</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0 - 3 years</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,483,937</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.27</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.40</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.72</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 - 6 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,678,730</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.96</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.41</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.61</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 - 10 years</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,698,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.61</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.48</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.37</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 10 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,591,381</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.38</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.41</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22.96</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55,452,768</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.98</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.43</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.79</span></td></tr><tr style="height:3pt"><td colspan="24" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Notional </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average <br/>Pay Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Receive Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Years to Maturity</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0 - 3 years</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,411,229&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.49&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.48&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.14</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 - 6 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,764,021&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.50&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.27</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 - 10 years</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,318,937&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.55&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.53&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.63</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 10 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,559,384&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.40&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.41&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23.25</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,053,571&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.11&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.50&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.36</span></td></tr><tr style="height:3pt"><td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of March 31, 2025, 93% and 7% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2024, 95% and 5% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.</span></div></td></tr></table></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s swaptions at March 31, 2025 and December 31, 2024: </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.766%"><tr><td style="width:1.0%"></td><td style="width:12.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.675%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.698%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.982%"></td><td style="width:0.1%"></td></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$1,000,000</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.68%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.83</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.92</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.00</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.00</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s TBA derivatives at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"><tr><td style="width:1.0%"></td><td style="width:23.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,902,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,628</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,902,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,628</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,237,000&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,239,001&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,209,341&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,660)</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale contracts</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,120,000)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,080,943)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,073,187)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,756&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,117,000&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,158,058&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,136,154&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21,904)</span></td><td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s futures derivatives at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"></td><td style="width:36.647%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.143%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.143%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.145%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Long<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Short<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average<br/>Years to Maturity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 10 year and greater</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,659,400)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.52</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,659,400)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.52</span></td></tr><tr style="height:3pt"><td colspan="18" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Long<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Short<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average<br/>Years to Maturity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 2 year</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,511,600&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.98</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 5 year</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,960,500&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.40</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 10 year and greater</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840,500)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.05</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,472,100&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840,500)</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.11</span></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company presents derivative contracts on a gross basis in the Consolidated Statements of Financial Condition. Derivative contracts may contain legally enforceable provisions that allow for netting or setting off receivables and payables with each counterparty.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company&#8217;s Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.748%"><tr><td style="width:1.0%"></td><td style="width:32.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.271%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.157%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.507%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts Eligible for Offset</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Amounts</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash Collateral</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Amounts</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,238)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,774</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaptions, at fair value</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,595</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,515)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23,242)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,270)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,597)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16,942)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,513</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,467</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,311)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">156</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,597)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(142,774)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts Eligible for Offset</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Amounts</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash Collateral</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Amounts</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,138)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,088&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,635&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(879)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(929)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,827&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,650)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">174,330&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,212)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,539&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,495)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,044&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,650)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.578%"><tr><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.696%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.696%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.455%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Location on Consolidated Statements of Comprehensive Income (Loss)</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Interest Component of Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gains (Losses) on Termination of Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gains (Losses) on Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">191,545</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(43,789)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(753,601)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330,149&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21,237)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900,902&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of other derivative contracts in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss) is as follows:</span></div><div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"></td><td style="width:26.053%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.686%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.179%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14,355)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44,533</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,178</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,600)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,600)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(86,356)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(317,103)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(403,459)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,859</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,859</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(372,022)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2025, includes $9.0 million of realized gain related to SOFR futures options.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"></td><td style="width:26.053%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.686%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.179%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,615)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,898&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,283&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,631&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,631&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,680)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145,709&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137,029&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,613)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,613)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">167,330&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2024, includes $1.2 million of unrealized gain related to SOFR futures options.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the Company&#8217;s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events such as (i) a decline in stockholders&#8217; equity in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company&#8217;s failure to maintain its REIT status, (iii) the Company&#8217;s failure to comply with limits on the amount of leverage, and (iv) the Company&#8217;s stock being delisted from the New York Stock Exchange. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the occurrence of any one of items (i) through (iv), or another default under the agreement, the counterparty to the applicable agreement has a right to terminate the agreement in accordance with its provisions. The aggregate fair value of all derivative instruments with the aforementioned features were in a net liability position at&#160;March 31, 2025 of $115.1&#160;million, which represents the maximum amount the Company would be required to pay upon termination. This amount is fully collateralized.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 815<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/815/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">FAIR VALUE MEASUREMENTS</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">10. FAIR VALUE MEASUREMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level&#160;1) and the lowest priority to unobservable inputs (Level&#160;3).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 3 &#8211; inputs to the valuation methodology are unobservable and significant to overall fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company&#8217;s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, residential mortgage loans, interest rate swap and swaption markets and TBA derivatives are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company&#8217;s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.&#160;Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral.&#160;Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the fair value of debt issued by securitization vehicles, refer to the &#8220;Variable Interest Entities&#8221; Note for additional information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company&#8217;s financial statements.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. There were no transfers between levels of the fair value hierarchy during the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:43.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-Agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,451,524</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,451,524</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative assets</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">53,648</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,245</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98,747,860</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102,026,359</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt issued by securitization vehicles</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative liabilities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,239</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">162,610</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,667,496</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,583,160</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,250,656</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:43.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-Agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative assets</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,145&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">204,125&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95,310,908&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98,411,022&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt issued by securitization vehicles</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative liabilities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,724&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,374&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,487,279&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,738,430&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,225,709&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Qualitative and Quantitative Information about Level 3 Fair Value Measurements</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements are described below. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently from changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. For MSR, in general, increases in the discount, prepayment or delinquency rates or in annual servicing costs in isolation would result in a lower fair value measurement. A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company&#8217;s investments in MSR, which in turn could result in a decline in the estimated fair value of MSR. Refer to the &#8220;Mortgage Servicing Rights&#8221; Note for additional information, including rollforwards.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company&#8217;s risk management practices that might offset risks inherent in these Level 3 investments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.233%"><tr><td style="width:1.0%"></td><td style="width:31.909%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.909%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.770%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.912%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unobservable Input </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range (Weighted Average)</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.2% - 12.2% (8.2%)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.4% - 12.4% (8.4%)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayment rate</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.4% - 21.3% (5.5%)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.7% - 17.2% (5.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Delinquency rate</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.2% - 3.9% (1.2%)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.2% - 4.1% (1.3%)</span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost to service</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$83 - $98 ($87)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$83 - $99 ($87)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at March 31, 2025 and December 31, 2024.</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"></td><td style="width:49.584%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.471%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$61,659,460</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$61,659,460</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65,688,923</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65,688,923</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying values of repurchase agreements and short term other secured financing approximate fair value and are considered Level 2 fair value measurements. Long term other secured financing is valued using Level 2 inputs.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IntangibleAssetsDisclosureTextBlock', window );">INTANGIBLE ASSETS</a></td>
<td class="text"><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">11. &#160;INTANGIBLE ASSETS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Intangible assets, net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finite life intangible assets are amortized over their expected useful lives. As part of the Company&#8217;s management internalization transaction, which closed on June 30, 2020, the Company recognized an intangible asset for the acquired assembled workforce of approximately $41.2 million based on the replacement cost of the employee base acquired by the Company. </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of finite lived intangible assets for the three months ended March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.263%"><tr><td style="width:1.0%"></td><td style="width:70.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.207%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible Assets, net</span></td></tr><tr><td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,416&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less: amortization expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(673)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,743&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="6" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all or part of the information related to intangible assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/350-30/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 985<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 985<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/985-20/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURED FINANCING<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">SECURED FINANCING</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">12. SECURED FINANCING</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reverse Repurchase and Repurchase Agreements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Transfers and Servicing</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and has determined that each of the financing agreements should be treated as a secured financing.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had outstanding $61.7&#160;billion and $65.7&#160;billion of repurchase agreements with weighted average remaining maturities of 50 days and 32 days and weighted average rates of 4.56% and 4.76% at March 31, 2025 and December 31, 2024, respectively. In connection with its residential mortgage loans, the Company has select arrangements with counterparties to enter into repurchase agreements for $3.9 billion with remaining capacity of $2.2 billion at March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"><tr><td style="width:1.0%"></td><td style="width:16.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.245%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CRTs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Mortgage Loans</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial Mortgage-Backed Securities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 day</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,600,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,600,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 to 29 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,056,765</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">257,622</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">861,199</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,559</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,228,145</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,680,029</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51,904</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">709,891</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,441,824</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20,336,079</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,152</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">411,299</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">223,945</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,007,475</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">362,623</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,445,128</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,807,751</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,672,873</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345,678</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,460,437</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,669,073</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,559</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,200,620</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset in accordance with netting arrangements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"><tr><td style="width:1.0%"></td><td style="width:16.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.245%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CRTs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Mortgage Loans</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial Mortgage-Backed Securities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 day</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 to 29 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,603,831&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">405,341&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">861,271&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,010&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,936,453&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,496,443&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116,087&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">682,037&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251,357&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,545,924&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">692,255&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47,583&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">545,684&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,285,522&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,085&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,383&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,468&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">332,040&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,139,604&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,471,644&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,794,614&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569,011&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,481,415&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,390,961&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,010&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,302,011&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset in accordance with netting arrangements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Less than 1% of repurchase agreements had a remaining maturity over 1 year at March 31, 2025 and December 31, 2024.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024.&#160;Refer to the &#8220;Derivative Instruments&#8221; Note for information related to the effect of netting arrangements on the Company&#8217;s derivative instruments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:25.860%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.551%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gross amounts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,541,160</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,200,620</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,613,088&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,302,011&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Netted amounts</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of collateral received in connection with reverse repurchase agreements as of March 31, 2025 was $2.5&#160;billion, of which the Company sold $2.5&#160;billion. The fair value of collateral received in connection with reverse repurchase agreements as of  December 31, 2024 was $2.6&#160;billion, of which the Company sold $2.5&#160;billion. The amount of collateral sold is reported at fair value in the Company&#8217;s Consolidated Statements of Financial Condition as U.S. Treasury securities sold, not yet purchased.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other Secured Financing </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- As of March 31, 2025, the Company had $1.8&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of March 31, 2025 totaled $900.0 million with maturities ranging between one year to two years. As of December 31, 2024, the Company had $1.6&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of December 31, 2024 totaled $750.0 million with maturities ranging between one month to two years. The weighted average interest rate of the borrowings was 7.03% and 7.21% as of March 31, 2025 and December 31, 2024, respectively. Borrowings are reported in Other secured financing in the Company&#8217;s Consolidated Statements of Financial Condition. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Variable Interest Entities&#8221; Note for additional information on the Company&#8217;s other secured financing arrangements at December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $68.0 billion and $310.1 million, respectively, at March 31, 2025 and $71.8&#160;billion and $332.7&#160;million, respectively, at December 31, 2024.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CAPITAL STOCK<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">CAPITAL STOCK</a></td>
<td class="text"><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">13. CAPITAL STOCK</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(A)&#160;&#160;&#160;&#160;Common Stock</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s common shares authorized, and issued and outstanding at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.327%"><tr><td style="width:1.0%"></td><td style="width:20.012%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.757%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.109%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.102%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.109%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.266%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.775%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.725%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares issued and outstanding</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Par Value</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Common stock</span></div></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,468,250,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,468,250,000&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">602,338,286</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">578,357,118&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2022, the Company announced that its Board authorized the repurchase of up to $1.5&#160;billion of its outstanding shares of common stock through December 31, 2024 (the &#8220;Prior Common Stock Repurchase Program&#8221;). In January 2025, the Company announced that its Board authorized the repurchase of up to $1.5&#160;billion of its outstanding shares of common stock through December 31, 2029 (the &#8220;Current Common Stock Repurchase Program&#8221;). The Current Common Stock Repurchase Program replaced the Prior Common Stock Repurchase Program.  During the three months ended March 31, 2025 and 2024, no shares were repurchased under the Current Common Stock Repurchase Program or the Prior Common Stock Repurchase Program, respectively.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.619%"><tr><td style="width:1.0%"></td><td style="width:64.315%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.615%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.376%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.615%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.379%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 20, 2024, the Company entered into separate Distribution Agency Agreements (collectively, the &#8220;Prior Sales Agreements&#8221;) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs &amp; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &amp; Woods, Inc., Morgan Stanley &amp; Co., LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the &#8220;Prior Sales Agents&#8221;). Under the terms of the Prior Sales Agreements, the Company offered and sold shares of its common stock, having an aggregate offering price of up to $1.5&#160;billion, from time to time through any of the Prior Sales Agents (the &#8220;at-the-market sales program&#8221;).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025, under the at-the-market sales program, the Company issued 23.3&#160;million shares for proceeds of $495.7&#160;million, net of commissions and fees. During the three months ended March 31, 2024, no shares were issued under the at-the-market sales program pursuant to the Prior Sales Agreements; however, the Company incurred costs to maintain the effectiveness of the at-the-market sales program that was in effect at that time.</span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(B)&#160;&#160;&#160;&#160;Preferred Stock</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a summary of the Company&#8217;s cumulative redeemable preferred stock outstanding at March 31, 2025 and December 31, 2024. In the event of a liquidation or dissolution of the Company, the Company&#8217;s then outstanding preferred stock takes precedence over the Company&#8217;s common stock with respect to payment of dividends and the distribution of assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:6.569%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.382%"></td><td style="width:0.1%"></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Issued And Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Contractual Rate</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Earliest Redemption Date </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Effective Date of Floating Rate Dividend Period</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Floating Annual Rate </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span></div></td></tr><tr style="height:18pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="48" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed-to-floating rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series F</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">28,800,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">28,800,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">28,800,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">28,800,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">696,910</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">696,910&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.95%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.993%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series G</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,000,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,000,000&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,000,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,000,000&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">411,335</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">411,335&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.50%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.172%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series I</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,700,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,700,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,700,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,700,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">428,324</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">428,324&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.989%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">63,500,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">63,500,000&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">63,500,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">63,500,000&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,536,569</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,536,569&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:3pt"><td colspan="48" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="48" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subject to the Company&#8217;s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through March 31, 2025, the Company had declared and paid all required quarterly dividends on the Company&#8217;s preferred stock.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative Preferred Stock rank senior to the common stock of the Company.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2024, the Board approved a repurchase plan for all of our existing outstanding Preferred Stock (as defined below) (the &#8220;Preferred Stock Repurchase Program&#8221;). Under the terms of the Preferred Stock Repurchase Program, we are authorized to repurchase up to&#160;an aggregate of 63,500,000 shares of Preferred Stock, comprised of up to (i) 28,800,000 shares </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of its 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series F Preferred Stock&#8221;), (ii) 17,000,000 shares of its 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series G Preferred Stock&#8221;), and (iii) 17,700,000 shares of its 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#8220;Series I Preferred Stock&#8221;, and together with Series F Preferred Stock and Series G Preferred Stock, the &#8220;Preferred Stock&#8221;). The aggregate liquidation value of the Preferred Stock that may be repurchased by the Company pursuant to the Prior Preferred Stock Repurchase Program, as of November 3, 2022, was approximately $1.6&#160;billion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Preferred Stock Repurchase Program became effective on January 1, 2025 and will expire on December 31, 2029, and replaced the Preferred Stock repurchase program, which was effective from November 2, 2022 and expired on December 31, 2024 (the &#8220;Prior Preferred Stock Repurchase Program&#8221;). No shares were repurchased with respect to the Preferred Stock Repurchase Program during the three months ended March 31, 2025 and the Prior Preferred Stock Repurchase Program during the three months ended March 31, 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(C)&#160;&#160;&#160;&#160;Distributions to Stockholders</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s dividend distribution activity for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.146%"><tr><td style="width:1.0%"></td><td style="width:57.849%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.938%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.941%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends and dividend equivalents declared on common stock and share-based awards</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">423,863</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">326,872&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions declared per common share</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.70</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.65&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid to common stockholders after period end</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid per common share after period end</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.70</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.65&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date of distributions paid to common stockholders after period end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">April 30, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 30, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series F preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,250</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,085&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series F preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.599</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.663&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series G preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,310</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,509&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series G preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.548</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.618&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series I preferred stockholders</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,467&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series I preferred stock</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.599</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.422&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST INCOME AND INTEREST EXPENSE<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BankingAndThriftInterestAbstract', window );"><strong>Banking and Thrift, Interest [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock', window );">INTEREST INCOME AND INTEREST EXPENSE</a></td>
<td class="text"><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">14. &#160;INTEREST INCOME AND INTEREST EXPENSE</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Significant Accounting Policies&#8221; Note for details surrounding the Company&#8217;s accounting policy related to net interest income on securities and loans.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the interest income recognition methodology for Residential Securities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.947%"><tr><td style="width:1.0%"></td><td style="width:69.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.530%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Income Methodology</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual Cash Flows</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CRT </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the components of the Company&#8217;s interest income and interest expense for the three months ended March 31, 2025 and 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.181%"><tr><td style="width:1.0%"></td><td style="width:50.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.362%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.938%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.364%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest income</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">820,182</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">751,516&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,207</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55,996&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">426,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">252,016&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial investment portfolio</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,554&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse repurchase agreements</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,609</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,406&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total interest income</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,317,108</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest expense</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">760,783</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">897,598&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">283,592</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161,017&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,044</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,251&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,718</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,073&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total interest expense</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes assets transferred or pledged to securitization vehicles.</span></div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET INCOME (LOSS) PER COMMON SHARE<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">NET INCOME (LOSS) PER COMMON SHARE</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">15. &#160;NET INCOME (LOSS) PER COMMON SHARE</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three months ended March 31, 2025 and 2024.</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.730%"><tr><td style="width:1.0%"></td><td style="width:58.166%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.785%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New 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7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly </span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">124,224</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">462,892&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,067</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425,831&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average shares of common stock outstanding-basic</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">587,149,704</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500,612,840&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Add: Effect of stock awards, if dilutive</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,271,294</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569,203&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average shares of common&#160; stock outstanding-diluted</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">588,420,998</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">501,182,043&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) per share available (related) to common share</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Basic</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Diluted</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">                           </span></div>There were no potentially dilutive restricted stock units or performance stock units for the three months ended March 31, 2025. The computations of diluted net income (loss) per share available (related) to common share for the three months ended March 31, 2024 exclude 1.5 million of potentially dilutive restricted stock units and performance stock units because their effect would have been anti-dilutive.<span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">INCOME TAXES</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">16. &#160;INCOME TAXES</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2025, the Company was qualified to be taxed as a REIT under Code Sections 856 through 860. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements that relate to, among other things, assets it may hold, income it may generate and its stockholder composition. It is generally the Company&#8217;s policy to distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company distributes such shortfall within the next year as permitted by the Code.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company and certain of its direct and indirect subsidiaries, including Annaly TRS, Inc. and certain subsidiaries of joint ventures, have made separate joint elections to treat these subsidiaries as TRSs.&#160;As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provisions of ASC 740, Income Taxes (&#8220;ASC 740&#8221;), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does not have any unrecognized tax benefits that would affect its financial position. Thus, no accruals for penalties and interest were deemed necessary at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company&#8217;s status as a REIT and, therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company&#8217;s TRSs are subject to federal, state and local taxes. The Company&#8217;s federal, state and local tax returns from 2021 and forward remain open for examination.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025 and 2024, the Company recorded $8.3 million and ($0.9) million, respectively, of income tax expense (benefit) attributable to its TRSs.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"></td><td style="width:58.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.671%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.750%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Tax Expense (Benefit)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total current income tax expense (benefit)</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred Tax Expense (Benefit)</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,222</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(824)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,032</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(119)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred income tax expense (benefit)</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,254</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total income tax expense (benefit)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"></td><td style="width:58.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.671%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.750%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Statutory federal income tax rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21.0&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable REIT income</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14.6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24.5&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total provision</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.9</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.2&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company recorded a net deferred tax asset of $72.6 million resulting primarily from loss carryforwards, securitization gains and unrealized losses on swaps, and a net deferred tax liability of $149.9 million resulting primarily from unrealized gains on MSR, which is included in Other assets and Other liabilities, respectively, in the Consolidated Statements of Financial Condition. As of March 31, 2025, no valuation allowance was established. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company's TRSs had approximately $61.5 million of net operating loss carryforwards for federal income tax purposes which may be available to offset future taxable income, including approximately $7.9 million of net operating loss carryforwards that are subject to an annual limitation under Internal Revenue Code Section 382 and $53.6 million that can be carried forward indefinitely.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2025, the Company's TRSs had approximately $31.5 million of capital loss carryforwards for federal income tax purposes which can be carried back three years and forward up to five years to offset capital gains.</span></div><span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENTS<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Segment Reporting [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">SEGMENTS</a></td>
<td class="text"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">17. &#160;SEGMENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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&#8217;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&#8217;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&#8217;s economic return (computed as the change in stockholders&#8217; equity attributable to common stockholders plus common stock dividends declared divided by the prior period&#8217;s stockholders&#8217; 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.</span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the reportable operating segments related to the Company&#8217;s results of operations for the three months ended March 31, 2025 and 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.653%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Resi-credit</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">MSR</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Corporate &amp; Other</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidated</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">849,200</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">466,853</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,317,108</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">718,253</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">378,174</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">710</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,947</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88,679</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related income</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">140,435</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">140,435</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,113</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,113</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">126,322</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(166,925)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,090</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,961)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,861)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(159,657)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Total general and administrative expenses</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,316</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,506</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,393</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,849</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,064</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income (loss) before income taxes</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,294)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,263</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">113,968</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,365)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">138,572</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income taxes</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(524)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,510</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,787</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net income (loss) attributable to noncontrolling interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">124,224</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(44,513)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,067</span><span style="color:#000000;font-family:'Times New 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style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">164,877</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclassification adjustment for net (gains) losses included in net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (loss)</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176,696</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,787</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">360,585</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Comprehensive income (loss) attributable to Annaly</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176,696</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">354,504</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncash investing and financing activities:</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivable for unsettled trades</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,306</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,523</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payable for unsettled trades</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,220,276</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">84,498</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,304,774</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends declared, not yet paid</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,429,198</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,678,639</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,849,181</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158,328</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,115,346</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.653%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Resi-credit</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">MSR</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Corporate &amp; Other</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidated</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">781,926&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">309,008&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,554&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">846,771&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251,862&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64,845)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57,146&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,248&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related income</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115,084&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115,084&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,216&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,216&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,868&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,868&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300,952&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105,366&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(870)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">936&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406,384&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Total general and administrative expenses</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,588&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,674&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,594&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,714&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,570&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income (loss) before income taxes</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">220,519&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,838&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,404&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">464,231&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income taxes</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">607&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,679)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151,517&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465,174&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net income (loss) attributable to noncontrolling interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">462,892&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36,571)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425,831&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized gains (losses) on available-for-sale securities</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281,869)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281,869)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclassification adjustment for net (gains) losses included in net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">335,351&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">335,351&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (loss)</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273,394&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151,517&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">518,656&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Comprehensive income (loss) attributable to Annaly</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273,394&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516,374&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncash investing and financing activities:</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivable for unsettled trades</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">907,634&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,000&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,732&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">941,366&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payable for unsettled trades</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,430,956&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125,842&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,556,798&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends declared, not yet paid</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,485,685&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,525,612&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,209,074&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263,175&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91,483,546&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingAbstract</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISK MANAGEMENT<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RiskManagementAbstract', window );"><strong>Risk Management [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock', window );">RISK MANAGEMENT</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">18. &#160;RISK MANAGEMENT</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The primary risks to the Company are liquidity and funding risk, investment/market risk, credit risk and operational risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company&#8217;s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest earning assets and the interest expense incurred in connection with the interest bearing liabilities, by affecting the spread between the interest earning assets and interest bearing liabilities. Changes in the level of interest rates can also affect the value of the interest earning assets and the Company&#8217;s ability to realize gains from the sale of these assets. A decline in the value of the interest earning assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral or liquidating some of the existing collateral to reduce borrowing levels.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company may seek to mitigate the potential financial impact of these risks by entering into interest rate agreements such as interest rate swaps, interest rate swaptions and other hedges. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weakness in the mortgage market, the shape of the yield curve, changes in the expectations for the volatility of future interest rates and deterioration of financial conditions in general may adversely affect the performance and market value of the Company&#8217;s investments. This could negatively impact the Company&#8217;s book value.&#160;Furthermore, if many of the Company&#8217;s lenders are unwilling or unable to provide additional financing, the Company could be forced to sell its&#160;investments at an inopportune time&#160;when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario and sensitivity analyses and utilizing a range of hedging strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The payment of principal and interest on the Freddie Mac and Fannie Mae Agency mortgage-backed securities, which exclude CRT securities issued by Freddie Mac and Fannie Mae, is guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities is backed by the full faith and credit of the U.S. government.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company faces credit risk on the portions of its portfolio which are not guaranteed by the respective Agency or by the full faith and credit of the U.S. government. The Company is exposed to credit risk on commercial mortgage-backed securities, residential mortgage loans, CRT securities and other non-Agency mortgage-backed securities. MSR values may also be adversely impacted by rising borrower delinquencies which would reduce servicing income and increase overall costs to service the underlying mortgage loans. The Company is exposed to risk of loss if an issuer, borrower or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, pre-purchase due diligence, maintaining qualifying collateral, continually assessing the creditworthiness of issuers, borrowers and counterparties, credit rating monitoring and active servicer oversight.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company depends on third party service providers to perform various business processes related to its operations, including mortgage loan servicers and sub-servicers. The Company&#8217;s vendor management policy establishes procedures for engaging, onboarding and monitoring the performance of third party vendors. For mortgage loan servicers and sub-servicers, these procedures include assessing a vendor&#8217;s financial health as well as oversight of its compliance with applicable laws and regulations, cybersecurity and business continuity programs and security of personal information.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element may be used to disclose all significant risks in connection with investment activities related to mortgage loans and mortgage backed securities. Risks include credit risk, interest rate risk, repurchase risk and other related items.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Risk Management [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LEASE COMMITMENTS AND CONTINGENCIES<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeasesTextBlock', window );">LEASE COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">19. &#160;LEASE COMMITMENTS AND CONTINGENCIES </span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s operating leases are primarily comprised of corporate office leases with remaining lease terms of approximately three years and seventeen years. The corporate office leases include options to extend for up to five years, however the extension terms were not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the three months ended March 31, 2025 and 2024 was $1.1 million and $0.8 million,  respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Supplemental information related to leases as of and for the three months ended March 31, 2025 was as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.356%"><tr><td style="width:1.0%"></td><td style="width:38.414%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.655%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.631%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating Leases</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Classification</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr style="height:6pt"><td colspan="9" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1846">Other assets</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,523</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1848">Other liabilities</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease term and discount rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average remaining lease term</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16.8 years</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average discount rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.0%</span></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid for amounts included in the measurement of lease liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Operating cash flows from operating leases</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,028</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the Company&#8217;s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.</span></div></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides details related to maturities of lease liabilities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:53.362%"><tr><td style="width:1.0%"></td><td style="width:52.598%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.202%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity of Lease Liabilities</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Years ending December 31,</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025 (remaining)</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,121</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">261</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,503</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,854</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,831</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Later years</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,041</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total lease payments</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,611</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less imputed interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,505</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of lease liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="6" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Contingencies</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company&#8217;s consolidated financial statements. There were no material contingencies at March 31, 2025 and December 31, 2024.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/842-20/tableOfContent<br></p></div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">20. &#160;SUBSEQUENT EVENTS</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2025, the Company completed and closed two securitizations of residential mortgage loans, OBX 2025-NQM6, with a face value of $553.2&#160;million, and OBX 2025-NQM7, with a face value of $572.4&#160;million. These securitizations represent  financing transactions which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2025, the Company upsized capacity of an existing credit facility by $100&#160;million for the Company&#8217;s residential mortgage loans.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 8, 2025, the Company entered into separate Distribution Agency Agreements with certain sales agents, which agreements terminated and replaced the Prior Sales Agreements. For additional information, see &#8220;Part II&#8212;Item 5. Other Information&#8212;Current At-the-Market Sales Program.&#8221;</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Pay vs Performance Disclosure - USD ($)<br> $ in Thousands</strong></div></th>
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<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="th" colspan="1">3 Months Ended</th>
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<div>Mar. 31, 2025 </div>
<div>shares</div>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_MtrlTermsOfTrdArrTextBlock', window );">Material Terms of Trading Arrangement</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter ended March 31, 2025, no director or officer of the Company adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, each as defined in Item 408 of Regulation S-K, except as set forth below:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.367%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.094%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Name and Title</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Date of Adoption of Rule 10b5-1 Trading Plan</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Duration of 10b5-1 Trading Arrangements</span></td><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Aggregate Number of Securities to be Purchased or Sold</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Steven F. Campbell, President and Chief Operating Officer</span></div></td><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">February 5, 2025</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May&#160;13, 2025 - June&#160;17, 2025</span></div></td><td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44,374</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August&#160;4, 2025 - September&#160;17, 2025</span></div></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Serena Wolfe, </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Chief Financial Officer</span></div></td><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">February 6, 2025</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May&#160;13, 2025 - June&#160;17, 2025</span></div></td><td colspan="3" rowspan="2" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,386</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August&#160;4, 2025 - September&#160;17, 2025</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_NonRule10b51ArrAdoptedFlag', window );">Non-Rule 10b5-1 Arrangement Adopted</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_Rule10b51ArrTrmntdFlag', window );">Rule 10b5-1 Arrangement Terminated</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_NonRule10b51ArrTrmntdFlag', window );">Non-Rule 10b5-1 Arrangement Terminated</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_IndividualAxis=nly_StevenF.CampbellMember', window );">Steven F. Campbell [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrIndName', window );">Name</a></td>
<td class="text">Steven F. Campbell<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrIndTitle', window );">Title</a></td>
<td class="text">President and Chief Operating Officer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_Rule10b51ArrAdoptedFlag', window );">Rule 10b5-1 Arrangement Adopted</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrAdoptionDate', window );">Adoption Date</a></td>
<td class="text">February 5, 2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrSecuritiesAggAvailAmt', window );">Aggregate Available</a></td>
<td class="nump">44,374<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_IndividualAxis=nly_SerenaWolfeMember', window );">Serena Wolfe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrIndName', window );">Name</a></td>
<td class="text">Serena Wolfe<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrIndTitle', window );">Title</a></td>
<td class="text">Chief Financial Officer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_Rule10b51ArrAdoptedFlag', window );">Rule 10b5-1 Arrangement Adopted</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrAdoptionDate', window );">Adoption Date</a></td>
<td class="text">February 6, 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrSecuritiesAggAvailAmt', window );">Aggregate Available</a></td>
<td class="nump">25,386<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrAxis=nly_StevenF.CampbellTradingArrangementOneMember', window );">Steven F. Campbell, Trading Arrangement One [Member] | Steven F. Campbell [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrExpirationDate', window );">Expiration Date</a></td>
<td class="text">June&#160;17, 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrDuration', window );">Arrangement Duration</a></td>
<td class="text">35 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrAxis=nly_StevenF.CampbellTradingArrangementTwoMember', window );">Steven F. Campbell, Trading Arrangement Two [Member] | Steven F. Campbell [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrExpirationDate', window );">Expiration Date</a></td>
<td class="text">September&#160;17, 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrDuration', window );">Arrangement Duration</a></td>
<td class="text">44 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrAxis=nly_SerenaWolfeTradingArrangementOneMember', window );">Serena Wolfe, Trading Arrangement One [Member] | Serena Wolfe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrExpirationDate', window );">Expiration Date</a></td>
<td class="text">June&#160;17, 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrDuration', window );">Arrangement Duration</a></td>
<td class="text">35 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrAxis=nly_SerenaWolfeTradingArrangementTwoMember', window );">Serena Wolfe, Trading Arrangement Two [Member] | Serena Wolfe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TradingArrByIndTable', window );"><strong>Trading Arrangements, by Individual</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrExpirationDate', window );">Expiration Date</a></td>
<td class="text">September&#160;17, 2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ecd_TrdArrDuration', window );">Arrangement Duration</a></td>
<td class="text">44 days<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ecd_NonRule10b51ArrTrmntdFlag</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ecd_Rule10b51ArrAdoptedFlag</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph A<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph B<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph C<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph C<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph A<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph A<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 2<br> -Subparagraph D<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Presentation</a></td>
<td class="text">The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;).<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text">The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (&#8220;VOE&#8221;) or a variable interest entity (&#8220;VIE&#8221;). All intercompany balances and transactions have been eliminated in consolidation.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ConsolidationVotingInterestEntityPolicyPolicyTextBlock', window );">Voting Interest Entities</a></td>
<td class="text">A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConsolidationVariableInterestEntityPolicy', window );">Variable Interest Entities</a></td>
<td class="text">A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE&#8217;s <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company&#8217;s involvement with a VIE causes the Company&#8217;s consolidation conclusion to change. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information.</span></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Equity Method Investments</a></td>
<td class="text">For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
<td class="text">Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value.<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements and the Fair Value Option</a></td>
<td class="text">The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (&#8220;FVO&#8221;). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the &#8220;Financial Instruments&#8221; Note. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Fair Value Measurements&#8221; Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments. </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. </span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level&#160;1) and the lowest priority to unobservable inputs (Level&#160;3).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 3 &#8211; inputs to the valuation methodology are unobservable and significant to overall fair value.</span></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativesOffsettingFairValueAmountsPolicy', window );">Offsetting Assets and Liabilities</a></td>
<td class="text"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company elected to present all derivative instruments on a gross basis as discussed in the &#8220;Derivative Instruments&#8221; Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the &#8220;Secured Financing&#8221;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note for further discussion on reverse repurchase and repurchase agreements.</span><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivative Instruments</a></td>
<td class="text">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the &#8220;Derivative Instruments&#8221; Note for further discussion.<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (&#8220;swaptions&#8221;), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (&#8220;SOFR&#8221;) futures contracts and certain forward purchase commitments.&#160;The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps.&#160;</span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Company&#8217;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (&#8220;MAC&#8221;) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#8217;s derivative transactions have been designated as hedging instruments for accounting purposes.&#160;</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Swap Agreements &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Interest rate swap agreements are the primary instruments used to mitigate interest rate risk.&#160; In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (&#8220;DCO&#8221;). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO&#8217;s market values. If an interest rate swap is terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Swaptions &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates.&#160; Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future.&#160;The Company&#8217;s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">TBA Dollar Rolls &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Futures Contracts</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance.&#160;The Company maintains margin accounts which are settled daily with Futures Commission Merchants (&#8220;FCMs&#8221;). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Forward Purchase Commitments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8211; The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a &#8220;best efforts&#8221; basis. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit Derivatives &#8211;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company may enter into credit derivatives referencing a commercial mortgage-backed securities index, such as the CMBX index, and synthetic total return swaps.</span></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsPolicyTextBlock', window );">Stock-Based Compensation</a></td>
<td class="text">The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company&#8217;s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date.&#160;Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.</span></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RevenueRecognitionInterest', window );">Interest Income</a></td>
<td class="text"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes interest income primarily on Residential Securities (as defined in the &#8220;Securities&#8221; Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).</span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#8217;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms.  If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If collection of a loan&#8217;s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has made an accounting policy election not to measure an allowance for loans losses for accrued interest receivable. If interest receivable is deemed to be uncollectible or not collected within 90 days of its contractual due date for commercial loans carried at amortized cost, it is written off through a reversal of interest income. Any interest written off that is recovered is recognized as interest income.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to the &#8220;Interest Income and Interest Expense&#8221; Note for further discussion of interest income.</span></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text">The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto.&#160;As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders.&#160;The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (&#8220;TRSs&#8221;). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the &#8220;Income Taxes&#8221; Note for further discussion on income taxes.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text">The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company&#8217;s consolidated financial statements when adopted or did not have a significant impact on the Company&#8217;s consolidated financial statements upon adoption.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy', window );">Residential</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company&#8217;s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the &#8220;Variable Interest Entities&#8221; Note for further information related to the Company&#8217;s consolidated residential mortgage loan trusts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mortgage loans are secured by first liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian, the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.</span></div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value Measurements</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company&#8217;s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential Securities, residential mortgage loans, interest rate swap and swaption markets and TBA derivatives are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company&#8217;s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.&#160;Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral.&#160;Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the fair value of debt issued by securitization vehicles, refer to the &#8220;Variable Interest Entities&#8221; Note for additional information.</span></div>The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company&#8217;s financial statements.<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RepurchaseAgreementsPolicyTextBlock', window );">Reverse Repurchase and Repurchase Agreements</a></td>
<td class="text">The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, <span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Transfers and Servicing</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and has determined that each of the financing agreements should be treated as a secured financing.</span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.</span></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock', window );">Contingencies</a></td>
<td class="text">From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company&#8217;s consolidated financial statements.<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Consolidation, Voting Interest Entity, Policy [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A description of a company's accounting policy related to repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 954<br> -SubTopic 450<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477850/954-450-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Paragraph 2AA<br> -Subparagraph (a)<br> -Section 50<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-2AA<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for offsetting or not offsetting fair value amounts recognized for derivative instruments against such amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instruments recognized at fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 815<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(n))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21D<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-21D<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentsPolicy</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 825<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-19<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-25<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(h)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-28<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the lending, securitization, sales, transfers and servicing practices for mortgage banking activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477221/948-310-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognition of interest revenue. Disclosure may include the method of recognizing interest income on loan and trade receivables, the method of amortizing premiums or accreting discounts, and a statement about the policy for the treatment of related fees and costs, including the method of amortizing net deferred fees and costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfInvestmentGroupsTableTextBlock', window );">Schedule of Investment Groups</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s three investment groups are primarily comprised of the following:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:65.713%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Investment Groups</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Agency Group</span></td><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in Agency mortgage-backed securities (&#8220;MBS&#8221;) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Residential Credit Group</span></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Annaly Mortgage Servicing Rights Group</span></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Invests in mortgage servicing rights (&#8220;MSR&#8221;), which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.</span></td></tr></table></div><span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Schedule Of Investment Groups [Table Text Block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsAllOtherInvestmentsAbstract', window );"><strong>Investments, All Other Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock', window );">Schedule of Characteristics of Financial Instruments</a></td>
<td class="text"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents characteristics for certain of the Company&#8217;s financial instruments at March 31, 2025 and December 31, 2024.</span><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:19.837%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.762%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance Sheet Line Item</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Type / Form</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through other comprehensive income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,668,927</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,234,911&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (3)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">60,660,793</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59,199,157&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit risk transfer securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-agency mortgage-backed securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,451,524</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial real estate debt investments - CMBS</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,756,447&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans, net</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortized cost</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Securities</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, with unrealized gains (losses) through earnings</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities purchased prior to July 1, 2022.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.</span></div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract', window );"><strong>Investments, Debt and Equity Securities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock', window );">Rollforward of Company's Securities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table represents a rollforward of the activity for the Company&#8217;s securities for the three months ended March 31, 2025:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:27.190%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Credit Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial <br/>Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,434,068</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,248,101</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74,278</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,756,447</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,263,002</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,318</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,364,320</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,967,149)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(214,381)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,886)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,194,416)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal paydowns</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,516,963)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(152,573)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,283)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,671,819)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Amortization) / accretion</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(56,057)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,356)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(57,430)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustment</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,172,819</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,526)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(31)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,164,262</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock', window );">Schedule of Available-for-sale Securities Reconciliation</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the Company&#8217;s securities portfolio that were carried at their fair value at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:24.744%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.738%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.885%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.889%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,549,014</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,258,704</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,191,086)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,616,632</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">356,094</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,418,833)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,553,893</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">137,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,972</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">146,089</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,949</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,641)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">141,397</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,886</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,418</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,304</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13,496)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">73,808</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,757,295</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545,553</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545,553</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,256</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(105,328)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">469,481</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,947,936</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544,756</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,058)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,085,912</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,207</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(49,245)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,065,874</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,234</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,279</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,513</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,246)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98,501,522</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,361,682</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,199,184)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">69,508,003</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">416,506</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,594,789)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492,296</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,493</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,385)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">490,404</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,751</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(96)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">204,309</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,062)</span></td><td style="background-color:#e5e5e5;padding:2px 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New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,084)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44,362</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,035</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(700)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,697</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247,047</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,638)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217,421</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,488</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,207)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216,702</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">832,022</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,304</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,691)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">831,635</span><span style="color:#000000;font-family:'Times 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,626)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">830,275</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,692,985</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,262</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30,144)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">146,838</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,726</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 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colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,336,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">119,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(80,004)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,932,941</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,235</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(24,593)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,972,583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112,837,617</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,480,962</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,279,188)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,440,944</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,619,382)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,302,303</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,015</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">144</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,159</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(98)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,061</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112,896,632</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,481,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,279,188)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,500,103</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480,741</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,619,480)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,361,364</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="42" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Principal /<br/>Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Premium</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Discount</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized<br/>Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,010,762&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,329,117&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,178,444)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,161,435&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130,742&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,242,503)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,049,674&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157,123&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,936&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">169,017&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,216&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,995)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162,238&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,467&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,459&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88,926&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,242)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73,684&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,437,570&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">493,803&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">493,803&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,843&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127,914)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">380,732&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,216,351&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">514,726&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11,830)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,844,575&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,644&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(110,454)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,741,765&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24,916&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,499&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,415&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,440)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,975&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total agency investments</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94,934,189&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,353,540&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,190,316)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,785,171&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155,445&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,506,548)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">707,169&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,608&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,581)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">705,196&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49,819&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">172,368&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,724)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">170,679&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,694&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,481)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164,892&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,824,609&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,484&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,228)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,725&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,732&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(667)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45,790&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subprime</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">280,820&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,081)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250,751&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,325&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11,493)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245,583&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">882,547&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,540&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,762)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">883,325&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,630&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,347)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">878,608&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo (&gt;=2010 vintage) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,334,669&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84,431&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,385)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146,285&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,072&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,044)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">158,313&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential credit securities</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,202,182&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118,110&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(79,761)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,199,961&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,272&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32,132)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,248,101&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total residential securities</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109,136,371&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,471,650&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,270,077)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,985,132&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235,717&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,538,680)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,682,169&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,151&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">193&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,344&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total securities</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109,210,522&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,471,843&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,270,077)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">72,059,476&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235,755&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,538,784)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,756,447&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="42" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $26.4&#160;billion and $22.9&#160;billion of Agency Multifamily interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $1.8&#160;billion and $1.8&#160;billion of Prime interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principal/Notional amount includes $10.6&#160;billion and $10.2&#160;billion of Prime Jumbo interest-only securities as of March 31, 2025 and December 31, 2024, respectively.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock', window );">Types of Agency Mortgage Backed Securities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the Company&#8217;s Agency mortgage-backed securities portfolio by issuing Agency at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.602%"><tr><td style="width:1.0%"></td><td style="width:45.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.094%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.684%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.097%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investment Type</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fannie Mae</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63,937,187</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,211,517&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Freddie Mac</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,243,501</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,115,085&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ginnie Mae</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">149,032</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107,466&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock', window );">Schedule of Residential Investment Securities by Estimated Weighted Average Life Classification</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the Company&#8217;s Residential Securities at March 31, 2025 and December 31, 2024, according to their estimated weighted average life classifications:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.479%"><tr><td style="width:1.0%"></td><td style="width:32.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.836%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.675%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.842%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized<br/>Cost</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated weighted average life</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than one year</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">369,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">369,373</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">407,856&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">408,090&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than one year through five years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,747,308</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,581</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,308,898&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,325,093&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than five years through ten years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">66,096,901</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,235,550</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,027,670&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,242,391&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than ten years</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,088,691</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,087,440</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,937,745&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,009,558&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,302,303</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">71,440,944</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69,682,169&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71,985,132&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock', window );">Schedule of Unrealized Losses on Investments</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the gross unrealized losses and estimated fair value of the Company&#8217;s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.450%"><tr><td style="width:1.0%"></td><td style="width:16.751%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.629%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Unrealized Losses </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Estimated Fair Value </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Unrealized Losses </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Securities </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 12 months</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,285</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(547)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49,820&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,477)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 Months or more</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,502,140</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(791,682)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,311</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,054,162&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,020,427)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,377&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,530,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(792,229)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,320</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,103,982&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,021,904)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,411&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="36" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="36" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (&#8220;CMO&#8221;) and multifamily securities.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfRealizedGainLossTableTextBlock', window );">Schedule of Realized Gain (Loss)</a></td>
<td class="text">The following table presents the Company&#8217;s net gains (losses) from the disposal of Residential Securities for the three months ended March 31, 2025 and 2024. <div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.625%"><tr><td style="width:1.0%"></td><td style="width:36.137%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.004%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.023%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.004%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.023%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.009%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Gains</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Realized Losses</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Realized Gains (Losses)</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,880</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(119,486)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(54,606)</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32,924&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(471,172)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(438,248)</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of mortgage baked securities agency concentration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Schedule of actual mortgage backed securities, which are generally shorter than stated contractual maturities due to payments of principal, prepayments, etc.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Schedule of Unrealized Losses on Investments</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aa)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aaa)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SummaryOfLoansInvestmentActivityTableTextBlock', window );">Loan Investment Activity</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of the Company&#8217;s loan investments, excluding loans transferred or pledged to securitization vehicles, for the three months ended March 31, 2025:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.742%"><tr><td style="width:1.0%"></td><td style="width:64.725%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.075%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Loans</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,546,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases / originations</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,919,866</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales and transfers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,595,522)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(48,269)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gains / (losses)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42,180</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Amortization) / accretion</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,602)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes transfer of residential loans to securitization vehicles with a carrying value of $3.2&#160;billion during the three months ended March 31, 2025.</span></div></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock', window );">Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.859%"><tr><td style="width:1.0%"></td><td style="width:45.821%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.440%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,324,836</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,520,090&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,798,298</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,297,725&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock', window );">Summary of Comprehensive Income (Loss)</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 for these investments:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:73.684%"><tr><td style="width:1.0%"></td><td style="width:67.352%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.177%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.792%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.179%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">426,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">252,016&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net gains (losses) on disposal of investments </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9,993)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,117)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net unrealized gains (losses) on instruments measured at fair value through earnings </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">240,830</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(84,786)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total included in net income (loss)</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">656,892</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">165,113&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Geographic Concentrations Based on Unpaid Principal Balances</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.157%"><tr><td style="width:1.0%"></td><td style="width:34.886%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.664%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.629%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.886%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.335%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Geographic Concentrations of Residential Mortgage Loans</span></td></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Property location</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% of Balance</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39.9%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">California</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.5%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11.2%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New York</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.9%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.8%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.1%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.4%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.4%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33.7%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">All other (none individually greater than 5%)</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34.1%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.0%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100.0%</span></td></tr><tr style="height:3pt"><td colspan="15" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansHeldForPortfolioTableTextBlock', window );">Residential Mortgage Loans</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides additional data on the Company&#8217;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.128%"><tr><td style="width:1.0%"></td><td style="width:28.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.854%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.697%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.898%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.697%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.702%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted<br/>Average</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range</span></div></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Portfolio Weighted Average</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unpaid principal balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$1 - $4,396</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$465</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$1 - $4,396</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$471</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.00% - 18.00%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.54%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.00% - 18.00%</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.43%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7/1/2029 - 4/1/2065</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4/24/2053</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7/1/2029 - 12/1/2064</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2/3/2053</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FICO score at loan origination</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">549 - 850</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">758</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">549 - 850</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">758</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loan-to-value ratio at loan origination</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1% - 100%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68%</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2% - 100%</span></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68%</span></td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageLoansHeldForPortfolioTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of mortgage loans held for portfolio.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageLoansHeldForPortfolioTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of fair value and unpaid principal balances of mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Summary Of Loans Investment Activity [Table Text Block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SummaryOfLoansInvestmentActivityTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Paragraph 1<br> -Section 45<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>MORTGAGE SERVICING RIGHTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TransfersAndServicingAbstract', window );"><strong>Transfers and Servicing [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock', window );">Presentation of Activity Related to MSR</a></td>
<td class="text"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024: &#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.690%"><tr><td style="width:1.0%"></td><td style="width:59.375%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.122%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.879%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.124%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Mortgage Servicing Rights</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value, beginning of period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,909,134</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,122,196&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">396,662</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">515,731&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in fair value due to:</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in valuation inputs or assumptions </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,768</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46,136&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other changes, including realization of expected cash flows</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45,662)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32,784)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value, end of period</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,651,279&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.</span></div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VARIABLE INTEREST ENTITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock', window );">Fair Value of OBX Trusts</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Residential securitizations are issued by entities generally referred to collectively as the &#8220;OBX Trusts.&#8221; These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed as of March 31, 2025 are included in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.175%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securitization</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of Closing</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Face Value at Closing</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" 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style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM1</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 2025</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618,433&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM2</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719,218&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM3</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">577,442&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM4</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">625,807&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-HE1</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">216,455&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">OBX 2025-NQM5</span></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 2025</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">334,879&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract', window );"><strong>Derivative Instruments and Hedging Activities Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsTextBlock', window );">Summarizes Fair Value Information about Derivative Assets Liabilities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes fair value information about the Company&#8217;s derivative assets and liabilities at March 31, 2025 and December 31, 2024:</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"></td><td style="width:36.061%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:2.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.246%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.247%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives Instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaptions</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,595</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,635&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative assets</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67,257</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225,351&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,467</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,539&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">181,065</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59,586&#160;</span></td><td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="15" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock', window );">Summary of Certain Characteristics of Derivatives</a></td>
<td class="text"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s interest rate swaps at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"><tr><td style="width:1.0%"></td><td style="width:35.250%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.214%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.368%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.709%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Notional </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Pay Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Receive Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Years to Maturity</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0 - 3 years</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,483,937</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.27</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.40</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.72</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 - 6 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,678,730</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.96</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.41</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.61</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 - 10 years</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,698,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.61</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.48</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.37</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 10 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,591,381</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.38</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.41</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22.96</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55,452,768</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.98</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.43</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.79</span></td></tr><tr style="height:3pt"><td colspan="24" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Notional </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average <br/>Pay Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Receive Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Years to Maturity</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0 - 3 years</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,411,229&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.49&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.48&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.14</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 - 6 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,764,021&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.50&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.27</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 - 10 years</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,318,937&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.55&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.53&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.63</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 10 years</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,559,384&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.40&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.41&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23.25</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total / Weighted average</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,053,571&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.11&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.50&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.36</span></td></tr><tr style="height:3pt"><td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of March 31, 2025, 93% and 7% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2024, 95% and 5% of the Company&#8217;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.</span></div></td></tr></table></div><div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s swaptions at March 31, 2025 and December 31, 2024: </span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.766%"><tr><td style="width:1.0%"></td><td style="width:12.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.675%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.698%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.186%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.982%"></td><td style="width:0.1%"></td></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$1,000,000</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.68%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.83</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.92</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$&#8212;</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.00</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.00</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Underlying Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Fixed Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Floating Rate</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Underlying Years to Maturity</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Months to Expiration</span></td></tr><tr><td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long pay</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long receive</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$&#8212;</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;%</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SOFR</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.00</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s TBA derivatives at March 31, 2025 and December 31, 2024:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"><tr><td style="width:1.0%"></td><td style="width:23.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.137%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.559%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,902,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,628</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,902,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,612,755</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,635,383</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,628</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase and Sale Contracts for Derivative TBAs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Cost Basis</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Implied Market Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Carrying Value</span></td></tr><tr><td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,237,000&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,239,001&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,209,341&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,660)</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale contracts</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,120,000)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,080,943)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,073,187)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,756&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net TBA derivatives</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,117,000&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,158,058&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,136,154&#160;</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21,904)</span></td><td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize certain characteristics of the Company&#8217;s futures derivatives at March 31, 2025 and December 31, 2024:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"></td><td style="width:36.647%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.143%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.143%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.145%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Long<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Short<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average<br/>Years to Maturity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 10 year and greater</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,659,400)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.52</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,659,400)</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.52</span></td></tr><tr style="height:3pt"><td colspan="18" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Long<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional - Short<br/>Positions</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average<br/>Years to Maturity</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 2 year</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,511,600&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.98</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 5 year</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,960,500&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.40</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury futures - 10 year and greater</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840,500)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.05</span></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,472,100&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,840,500)</span></td><td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.11</span></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock', window );">Offsetting of Derivative Assets and Liabilities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company&#8217;s Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024, respectively.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.748%"><tr><td style="width:1.0%"></td><td style="width:32.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.271%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.157%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.507%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts Eligible for Offset</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Amounts</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash Collateral</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Amounts</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,238)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,774</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaptions, at fair value</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,595</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,515)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,095</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23,242)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,270)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">583</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,597)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,958</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16,942)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,513</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td 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colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,311)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">156</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,597)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(142,774)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,772</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts Eligible for Offset</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gross Amounts</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash Collateral</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Amounts</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,138)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,088&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,635&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(879)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(929)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,827&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,650)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">174,330&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,510&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps, at fair value</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,212)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBA derivatives, at fair value</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,539&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,495)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,044&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures contracts, at fair value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,650)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,185&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock', window );">Schedule of Derivative Instruments in Statement of Operations and Comprehensive Income Loss</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.578%"><tr><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.696%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.451%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.696%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.455%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Location on Consolidated Statements of Comprehensive Income (Loss)</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net Interest Component of Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gains (Losses) on Termination of Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gains (Losses) on Interest Rate Swaps </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2025</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">191,545</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(43,789)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(753,601)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 31, 2024</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330,149&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21,237)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900,902&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of other derivative contracts in the Company&#8217;s Consolidated Statements of Comprehensive Income (Loss) is as follows:</span></div><div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"></td><td style="width:26.053%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.686%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.179%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14,355)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44,533</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,178</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,600)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,600)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(86,356)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(317,103)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(403,459)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,859</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,859</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(372,022)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2025, includes $9.0 million of realized gain related to SOFR futures options.</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"><tr><td style="width:1.0%"></td><td style="width:26.053%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.686%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.810%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.179%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative Instruments</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Realized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unrealized Gain (Loss)</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</span></td></tr><tr><td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net TBA derivatives</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,615)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,898&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,283&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest rate swaptions</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,631&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,631&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Futures </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,680)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145,709&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137,029&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase commitments</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,613)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,613)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">167,330&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For the three months ended March 31, 2024, includes $1.2 million of unrealized gain related to SOFR futures options.</span></div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the notional amounts of outstanding derivative positions.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">Schedule of Fair Values, Assets and Liabilities Measured on Recurring Basis</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. There were no transfers between levels of the fair value hierarchy during the periods presented.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:43.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" 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1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68,329,720</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" 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0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-Agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 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style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 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0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,860,555</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,464,281</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative assets</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,012</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">53,648</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,245</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98,747,860</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,272,902</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102,026,359</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt issued by securitization vehicles</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,802,193</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748,273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,519,125</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative liabilities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,455</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">148,371</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,239</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">162,610</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,667,496</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,583,160</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,250,656</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:43.507%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.135%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.140%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Securities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency mortgage-backed securities</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67,434,068&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit risk transfer securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">754,915&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-Agency mortgage-backed securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,493,186&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Commercial mortgage-backed securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74,278&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Loans</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546,902&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mortgage servicing rights</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets transferred or pledged to securitization vehicles</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,973,188&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative assets</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,226&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,145&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">204,125&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190,980&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95,310,908&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,909,134&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98,411,022&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt issued by securitization vehicles</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,540,678&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,154,816&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,470,629&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative liabilities</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate swaps</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,212&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,650&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,724&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,374&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,487,279&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,738,430&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,225,709&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock', window );">Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company&#8217;s risk management practices that might offset risks inherent in these Level 3 investments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.233%"><tr><td style="width:1.0%"></td><td style="width:31.909%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.909%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.770%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.912%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unobservable Input </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Range (Weighted Average)</span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6.2% - 12.2% (8.2%)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.4% - 12.4% (8.4%)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayment rate</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.4% - 21.3% (5.5%)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.7% - 17.2% (5.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Delinquency rate</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.2% - 3.9% (1.2%)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.2% - 4.1% (1.3%)</span></div></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost to service</span></td><td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$83 - $98 ($87)</span></div></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$83 - $99 ($87)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock', window );">Schedule of Estimated Fair Value for All Financial Assets and Liabilities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at March 31, 2025 and December 31, 2024.</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"></td><td style="width:49.584%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.561%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.471%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying<br/>Value</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair<br/>Value</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$61,659,460</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$61,659,460</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65,688,923</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65,688,923</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other secured financing</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">900,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000</span></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750,000</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 103<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Goodwill and Intangible Assets Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock', window );">Schedule of Finite-Lived Intangible Assets</a></td>
<td class="text"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the activity of finite lived intangible assets for the three months ended March 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.263%"><tr><td style="width:1.0%"></td><td style="width:70.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.207%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible Assets, net</span></td></tr><tr><td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Beginning balance January 1, 2025</span></div></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,416&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less: amortization expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(673)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ending balance March 31, 2025</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,743&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="6" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 40<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURED FINANCING (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock', window );">Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types:&#160;</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"><tr><td style="width:1.0%"></td><td style="width:16.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.245%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CRTs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Mortgage Loans</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial Mortgage-Backed Securities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 day</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,600,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,600,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 to 29 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,056,765</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">257,622</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">861,199</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,559</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,228,145</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,680,029</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51,904</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">709,891</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,441,824</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20,336,079</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,152</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">411,299</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">223,945</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,007,475</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">115,425</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">362,623</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,445,128</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,807,751</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59,672,873</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345,678</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,460,437</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,669,073</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,559</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,200,620</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset in accordance with netting arrangements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"><tr><td style="width:1.0%"></td><td style="width:16.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.251%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.332%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.571%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.245%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CRTs</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Agency Mortgage-Backed Securities</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential Mortgage Loans</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Commercial Mortgage-Backed Securities</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="33" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 day</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 to 29 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,603,831&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">405,341&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">861,271&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,010&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,936,453&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 to 59 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,496,443&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116,087&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">682,037&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251,357&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,545,924&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 to 89 days</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">692,255&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47,583&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">545,684&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,285,522&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90 to 119 days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,085&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,383&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,468&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over 119 days </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">332,040&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,139,604&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,471,644&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63,794,614&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569,011&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,481,415&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,390,961&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,010&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,302,011&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset in accordance with netting arrangements</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Less than 1% of repurchase agreements had a remaining maturity over 1 year at March 31, 2025 and December 31, 2024.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfRepurchaseAgreements', window );">Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024.&#160;Refer to the &#8220;Derivative Instruments&#8221; Note for information related to the effect of netting arrangements on the Company&#8217;s derivative instruments.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"><tr><td style="width:1.0%"></td><td style="width:25.860%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.547%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.616%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.551%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reverse Repurchase Agreements</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repurchase Agreements</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gross amounts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,541,160</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,200,620</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,613,088&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68,302,011&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts offset</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,541,160)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,613,088)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Netted amounts</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,659,460</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,688,923&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Schedule of the remaining maturity of repurchase agreements as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CAPITAL STOCK (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfStockByClassTextBlock', window );">Schedule of Stock by Class</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s common shares authorized, and issued and outstanding at March 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.327%"><tr><td style="width:1.0%"></td><td style="width:20.012%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.757%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.109%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.102%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.109%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.266%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.775%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.725%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares issued and outstanding</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Par Value</span></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Common stock</span></div></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,468,250,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,468,250,000&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">602,338,286</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">578,357,118&#160;</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a summary of the Company&#8217;s cumulative redeemable preferred stock outstanding at March 31, 2025 and December 31, 2024. In the event of a liquidation or dissolution of the Company, the Company&#8217;s then outstanding preferred stock takes precedence over the Company&#8217;s common stock with respect to payment of dividends and the distribution of assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:6.569%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.044%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.159%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.382%"></td><td style="width:0.1%"></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Authorized</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Shares Issued And Outstanding</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Contractual Rate</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Earliest Redemption Date </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Effective Date of Floating Rate Dividend Period</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Floating Annual Rate </span><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span></div></td></tr><tr style="height:18pt"><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="background-color:#031f48;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="48" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed-to-floating rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series F</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">28,800,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">28,800,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">28,800,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">28,800,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">696,910</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">696,910&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.95%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9/30/2022</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.993%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series G</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,000,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,000,000&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,000,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,000,000&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">411,335</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">411,335&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.50%</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3/31/2023</span></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.172%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Series I</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,700,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,700,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,700,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17,700,000&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">428,324</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">428,324&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6.75%</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">6/30/2024</span></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">3M Term SOFR + 4.989%</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">63,500,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">63,500,000&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">63,500,000</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">63,500,000&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,536,569</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,536,569&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr style="height:3pt"><td colspan="48" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="48" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subject to the Company&#8217;s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsDeclaredTableTextBlock', window );">Summary of Dividend Distribution Activity</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a summary of the Company&#8217;s dividend distribution activity for the periods presented:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.146%"><tr><td style="width:1.0%"></td><td style="width:57.849%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.938%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.941%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends and dividend equivalents declared on common stock and share-based awards</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">423,863</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">326,872&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions declared per common share</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.70</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.65&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid to common stockholders after period end</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid per common share after period end</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.70</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.65&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date of distributions paid to common stockholders after period end</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">April 30, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 30, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series F preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,250</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,085&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series F preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.599</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.663&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series G preferred stockholders</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,310</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,509&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series G preferred stock</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.548</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.618&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared to series I preferred stockholders</span></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,597</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,467&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends declared per share of series I preferred stock</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.599</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.422&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST INCOME AND INTEREST EXPENSE (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BankingAndThriftInterestAbstract', window );"><strong>Banking and Thrift, Interest [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SummaryOfInterestIncomeRecognitionMethodologyForResidentialInvestmentSecuritiesTableTextBlock', window );">Summary of Interest Income Recognition Methodology for Residential Investment Securities</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the interest income recognition methodology for Residential Securities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.947%"><tr><td style="width:1.0%"></td><td style="width:69.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.530%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Income Methodology</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustable-rate pass-through </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Multifamily </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual Cash Flows</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CMO </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective yield </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse mortgages </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest-only </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Residential credit</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CRT </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alt-A </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NPL/RPL </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prime jumbo </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prospective</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="6" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.</span></div></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock', window );">Components of Company's Interest Income and Interest Expense</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the components of the Company&#8217;s interest income and interest expense for the three months ended March 31, 2025 and 2024.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.181%"><tr><td style="width:1.0%"></td><td style="width:50.836%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.362%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.938%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.364%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest income</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Agency securities</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">820,182</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">751,516&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential credit securities</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,207</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55,996&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residential mortgage loans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">426,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">252,016&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Commercial investment portfolio</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,554&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reverse repurchase agreements</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,609</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,406&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total interest income</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,317,108</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest expense</span></td><td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repurchase agreements</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">760,783</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">897,598&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt issued by securitization vehicles</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">283,592</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161,017&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Participations issued</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,044</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,251&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. Treasury securities sold, not yet purchased</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,718</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,073&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total interest expense</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes assets transferred or pledged to securitization vehicles.</span></div></td></tr></table></div><span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET INCOME (LOSS) PER COMMON SHARE (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="text"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three months ended March 31, 2025 and 2024.</span><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.730%"><tr><td style="width:1.0%"></td><td style="width:58.166%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.785%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands, except per share data)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465,174&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly </span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">124,224</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">462,892&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,067</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425,831&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average shares of common stock outstanding-basic</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">587,149,704</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500,612,840&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Add: Effect of stock awards, if dilutive</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,271,294</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569,203&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average shares of common&#160; stock outstanding-diluted</span></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">588,420,998</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">501,182,043&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) per share available (related) to common share</span></td><td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;padding:0 1pt"></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Basic</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Diluted</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">0.15</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of Components of Income Tax Expense (Benefit)</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025 and 2024, the Company recorded $8.3 million and ($0.9) million, respectively, of income tax expense (benefit) attributable to its TRSs.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"></td><td style="width:58.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.671%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.750%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current Tax Expense (Benefit)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total current income tax expense (benefit)</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred Tax Expense (Benefit)</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal</span></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,222</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(824)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,032</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(119)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred income tax expense (benefit)</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,254</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total income tax expense (benefit)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of Effective Income Tax Rate Reconciliation</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"><tr><td style="width:1.0%"></td><td style="width:58.405%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.671%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.750%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the Three Months Ended</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2024</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Statutory federal income tax rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21.0&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable REIT income</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14.6</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24.5&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State and local taxes</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.0&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VIE and Other</span></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3.5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.3&#160;</span></td><td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in valuation allowance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables present the reportable operating segments related to the Company&#8217;s results of operations for the three months ended March 31, 2025 and 2024:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.653%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td 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style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidated</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">849,200</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">466,853</span><span 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,055</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">378,174</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">710</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,097,137</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,947</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88,679</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">219,971</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related income</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">140,435</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">140,435</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,113</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,113</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">126,322</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">126,322</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(166,925)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,090</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,961)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,861)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(159,657)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Total general and administrative expenses</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,316</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,506</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,393</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,849</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,064</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income (loss) before income taxes</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,294)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,263</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">113,968</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,365)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">138,572</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income taxes</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">290</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(524)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,510</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,267</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,787</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,305</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net income (loss) attributable to noncontrolling interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">124,224</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,157</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53,584)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(44,513)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87,067</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized gains (losses) on available-for-sale securities</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">164,877</span><span style="color:#000000;font-family:'Times 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Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">164,877</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclassification adjustment for net (gains) losses included in net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65,403</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (loss)</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176,696</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,787</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">360,585</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,081</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Comprehensive income (loss) attributable to Annaly</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176,696</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79,706</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,458</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7,356)</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">354,504</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncash investing and financing activities:</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivable for unsettled trades</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,306</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,523</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payable for unsettled trades</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,220,276</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">84,498</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,304,774</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230,280</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends declared, not yet paid</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">421,637</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">70,429,198</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,678,639</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,849,181</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158,328</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105,115,346</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:42.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.653%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2024</span></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Agency</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Resi-credit</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">MSR</span></td><td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Corporate &amp; Other</span></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidated</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">781,926&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">309,008&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,554&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094,488&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">846,771&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251,862&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100,939&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net interest income</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64,845)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57,146&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,248&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,451)</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related income</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115,084&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115,084&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Servicing and related expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,216&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,216&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net servicing income</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,868&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102,868&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300,952&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105,366&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(870)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">936&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406,384&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Total general and administrative expenses</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,588&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,674&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,594&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,714&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,570&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income (loss) before income taxes</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">220,519&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,838&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,404&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">464,231&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income taxes</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">607&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,679)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151,517&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465,174&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less: Net income (loss) attributable to noncontrolling interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to Annaly</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">462,892&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends on preferred stock</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,061&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) available (related) to common stockholders</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219,912&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36,571)</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425,831&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized gains (losses) on available-for-sale securities</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281,869)</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281,869)</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Reclassification adjustment for net (gains) losses included in net income (loss)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">335,351&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">335,351&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (loss)</span></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss)</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273,394&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151,517&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">518,656&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comprehensive income (loss) attributable to noncontrolling interests</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,282&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Comprehensive income (loss) attributable to Annaly</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273,394&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149,235&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93,255&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">490&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516,374&#160;</span></td><td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncash investing and financing activities:</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivable for unsettled trades</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">907,634&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,000&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,732&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">941,366&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payable for unsettled trades</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,430,956&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125,842&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,556,798&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,482&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends declared, not yet paid</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325,286&#160;</span></td><td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66,485,685&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,525,612&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,209,074&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263,175&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91,483,546&#160;</span></td><td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LEASE COMMITMENTS AND CONTINGENCIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2025</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock', window );">Supplemental Information Regarding Leases</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Supplemental information related to leases as of and for the three months ended March 31, 2025 was as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.356%"><tr><td style="width:1.0%"></td><td style="width:38.414%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.655%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.631%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating Leases</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Classification</span></td><td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr style="height:6pt"><td colspan="9" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease right-of-use assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1846">Other assets</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,523</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating lease liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><span style="-sec-ix-hidden:f-1848">Other liabilities</span></span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease term and discount rate</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average remaining lease term</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16.8 years</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average discount rate</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.0%</span></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid for amounts included in the measurement of lease liabilities</span></td></tr><tr><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Operating cash flows from operating leases</span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,028</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the Company&#8217;s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.</span></div></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock', window );">Operating Lease Liability Schedule of Maturity</a></td>
<td class="text"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides details related to maturities of lease liabilities:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:53.362%"><tr><td style="width:1.0%"></td><td style="width:52.598%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.202%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity of Lease Liabilities</span></td></tr><tr><td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Years ending December 31,</span></td><td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(dollars in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025 (remaining)</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,121</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">261</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,503</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,854</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,831</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Later years</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,041</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total lease payments</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64,611</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less imputed interest</span></td><td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,505</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of lease liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,106</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="6" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Lessee, Operating Leases, Supplemental Information [Table Text Block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_LesseeOperatingLeasesSupplementalInformationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:textBlockItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<head>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS (Details)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2025 </div>
<div>investmentGroup</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NumberOfInvestmentGroups', window );">Number of investment groups</a></td>
<td class="nump">3<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NumberOfInvestmentGroups">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number Of Investment Groups</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NumberOfInvestmentGroups</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)<br> $ in Billions</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest rate swaps, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems', window );"><strong>Derivative Instruments and Hedging Activities Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MarginDepositAssets', window );">Margin deposit assets</a></td>
<td class="nump">$ 1.5<span></span>
</td>
<td class="nump">$ 1.2<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarginDepositAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash or securities placed with a broker or counterparty as security for a trading or derivatives securities position which was partially obtained with funds provided by the broker dealer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarginDepositAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">$ 105,115,346<span></span>
</td>
<td class="nump">$ 103,556,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 91,483,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Liabilities</a></td>
<td class="nump">92,030,838<span></span>
</td>
<td class="nump">90,859,432<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_AvailableForSaleSecurities1Member', window );">Total securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">70,361,364<span></span>
</td>
<td class="nump">69,756,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_AgencyMortgageBackedSecuritiesRecognizedThroughComprehensiveIncomeMember', window );">Agency mortgage-backed securities, recognized through comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">7,668,927<span></span>
</td>
<td class="nump">8,234,911<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_AgencyMortgageBackedSecuritiesRecognizedThroughEarningsMember', window );">Agency mortgage-backed securities, recognized through earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">60,660,793<span></span>
</td>
<td class="nump">59,199,157<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_CreditRiskTransferSecuritiesMember', window );">Residential credit risk transfer securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">521,059<span></span>
</td>
<td class="nump">754,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_NonAgencyMortgageBackedSecuritiesMember', window );">Non-agency mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">1,451,524<span></span>
</td>
<td class="nump">1,493,186<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_CommercialRealEstateDebtInvestmentSecuritiesRecognizedThroughEarningsMember', window );">Commercial real estate debt investments - CMBS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">59,061<span></span>
</td>
<td class="nump">74,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_ResidentialMortgageLoansMember', window );">Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">3,860,555<span></span>
</td>
<td class="nump">3,546,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_ResidentialMortgageLoansAssetTransferredOrPledgedToSecuritizationRecognizedThroughEarningsMember', window );">Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">24,464,281<span></span>
</td>
<td class="nump">21,973,188<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_RepurchaseAgreementsMember', window );">Repurchase agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Liabilities</a></td>
<td class="nump">61,659,460<span></span>
</td>
<td class="nump">65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_OtherDebtSecuritiesMember', window );">Other secured financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Liabilities</a></td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_SecuritizedDebtOfConsolidatedVIEsMember', window );">Debt issued by securitization vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Liabilities</a></td>
<td class="nump">21,802,193<span></span>
</td>
<td class="nump">19,540,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ParticipatingMortgagesMember', window );">Participations issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">1,748,273<span></span>
</td>
<td class="nump">1,154,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems', window );"><strong>SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Liabilities</a></td>
<td class="nump">$ 2,519,125<span></span>
</td>
<td class="nump">$ 2,470,629<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURITIES - Narrative (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
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<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Debt Securities, Available-for-sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Unrealized gains (losses) on agency mortgage-backed securities</a></td>
<td class="nump">$ 810,812<span></span>
</td>
<td class="num">$ (994,127)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesSoldCarryingValue', window );">Residential Investment securities sold, carrying value</a></td>
<td class="nump">5,200,000<span></span>
</td>
<td class="nump">8,100,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_AgencySecuritiesMember', window );">Agency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Debt Securities, Available-for-sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Unrealized gains (losses) on agency mortgage-backed securities</a></td>
<td class="nump">$ 901,600<span></span>
</td>
<td class="num">$ (674,000)<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aa)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aaa)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems</td>
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<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_AgencySecuritiesMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURITIES - Summary of Residential Securities and CMBS (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableForSaleRollForward', window );"><strong>Debt Securities, Available-For-Sale [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">$ 69,756,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Purchases</a></td>
<td class="nump">6,364,320<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Sales</a></td>
<td class="num">(5,194,416)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Principal paydowns</a></td>
<td class="num">(1,671,819)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale', window );">(Amortization) / accretion</a></td>
<td class="num">(57,430)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Fair value adjustment</a></td>
<td class="nump">1,164,262<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Ending balance March 31, 2025</a></td>
<td class="nump">70,361,364<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_AgencySecuritiesMember', window );">Agency Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableForSaleRollForward', window );"><strong>Debt Securities, Available-For-Sale [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">67,434,068<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Purchases</a></td>
<td class="nump">6,263,002<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Sales</a></td>
<td class="num">(4,967,149)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Principal paydowns</a></td>
<td class="num">(1,516,963)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale', window );">(Amortization) / accretion</a></td>
<td class="num">(56,057)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Fair value adjustment</a></td>
<td class="nump">1,172,819<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Ending balance March 31, 2025</a></td>
<td class="nump">68,329,720<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember', window );">Residential Credit Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableForSaleRollForward', window );"><strong>Debt Securities, Available-For-Sale [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">2,248,101<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Purchases</a></td>
<td class="nump">101,318<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Sales</a></td>
<td class="num">(214,381)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Principal paydowns</a></td>
<td class="num">(152,573)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale', window );">(Amortization) / accretion</a></td>
<td class="num">(1,356)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Fair value adjustment</a></td>
<td class="num">(8,526)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Ending balance March 31, 2025</a></td>
<td class="nump">1,972,583<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember', window );">Commercial Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableForSaleRollForward', window );"><strong>Debt Securities, Available-For-Sale [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">74,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Purchases</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity', window );">Sales</a></td>
<td class="num">(12,886)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Principal paydowns</a></td>
<td class="num">(2,283)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale', window );">(Amortization) / accretion</a></td>
<td class="num">(17)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Fair value adjustment</a></td>
<td class="num">(31)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Ending balance March 31, 2025</a></td>
<td class="nump">$ 59,061<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Excludes $2.3 billion and $2.2&#160;billion at March 31, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company&#8217;s Consolidated Statements of Financial Condition.&#160;</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Accretion (Amortization) Of Debt Securities Available-For-Sale</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AccretionAmortizationOfDebtSecuritiesAvailableForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DebtSecuritiesAvailableForSaleRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Debt Securities, Available-For-Sale [Roll Forward]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DebtSecuritiesAvailableForSaleRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments to Acquire Debt Securities, Available-for-sale, Excluding Variable Interest Entity</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds from Sale of Debt Securities, Available-for-sale, Excluding Variable Interest Entity</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481830/320-10-45-11<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_AgencySecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_AgencySecuritiesMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>SECURITIES - Portfolio (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 112,896,632<span></span>
</td>
<td class="nump">$ 109,210,522<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,481,106<span></span>
</td>
<td class="nump">2,471,843<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,279,188)<span></span>
</td>
<td class="num">(1,270,077)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,500,103<span></span>
</td>
<td class="nump">72,059,476<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">480,741<span></span>
</td>
<td class="nump">235,755<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,619,480)<span></span>
</td>
<td class="num">(2,538,784)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">70,361,364<span></span>
</td>
<td class="nump">69,756,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialInvestmentsMember', window );">Total residential securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">112,837,617<span></span>
</td>
<td class="nump">109,136,371<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,480,962<span></span>
</td>
<td class="nump">2,471,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,279,188)<span></span>
</td>
<td class="num">(1,270,077)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,440,944<span></span>
</td>
<td class="nump">71,985,132<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">480,741<span></span>
</td>
<td class="nump">235,717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,619,382)<span></span>
</td>
<td class="num">(2,538,680)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,302,303<span></span>
</td>
<td class="nump">69,682,169<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">98,501,522<span></span>
</td>
<td class="nump">94,934,189<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,361,682<span></span>
</td>
<td class="nump">2,353,540<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,199,184)<span></span>
</td>
<td class="num">(1,190,316)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">69,508,003<span></span>
</td>
<td class="nump">69,785,171<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">416,506<span></span>
</td>
<td class="nump">155,445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,594,789)<span></span>
</td>
<td class="num">(2,506,548)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">68,329,720<span></span>
</td>
<td class="nump">67,434,068<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Fixed-rate pass-through</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">64,549,014<span></span>
</td>
<td class="nump">65,010,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,258,704<span></span>
</td>
<td class="nump">1,329,117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,191,086)<span></span>
</td>
<td class="num">(1,178,444)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">64,616,632<span></span>
</td>
<td class="nump">65,161,435<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">356,094<span></span>
</td>
<td class="nump">130,742<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,418,833)<span></span>
</td>
<td class="num">(2,242,503)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,553,893<span></span>
</td>
<td class="nump">63,049,674<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Adjustable-rate pass-through</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">137,157<span></span>
</td>
<td class="nump">157,123<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,972<span></span>
</td>
<td class="nump">11,936<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(40)<span></span>
</td>
<td class="num">(42)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">146,089<span></span>
</td>
<td class="nump">169,017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,949<span></span>
</td>
<td class="nump">2,216<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,641)<span></span>
</td>
<td class="num">(8,995)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">141,397<span></span>
</td>
<td class="nump">162,238<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | CMO</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">85,886<span></span>
</td>
<td class="nump">87,467<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,418<span></span>
</td>
<td class="nump">1,459<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">87,304<span></span>
</td>
<td class="nump">88,926<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,496)<span></span>
</td>
<td class="num">(15,242)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,808<span></span>
</td>
<td class="nump">73,684<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Interest-only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,757,295<span></span>
</td>
<td class="nump">3,437,570<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">545,553<span></span>
</td>
<td class="nump">493,803<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">545,553<span></span>
</td>
<td class="nump">493,803<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,256<span></span>
</td>
<td class="nump">14,843<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(105,328)<span></span>
</td>
<td class="num">(127,914)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">469,481<span></span>
</td>
<td class="nump">380,732<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Multifamily</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,947,936<span></span>
</td>
<td class="nump">26,216,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">544,756<span></span>
</td>
<td class="nump">514,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,058)<span></span>
</td>
<td class="num">(11,830)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,085,912<span></span>
</td>
<td class="nump">3,844,575<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,207<span></span>
</td>
<td class="nump">7,644<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(49,245)<span></span>
</td>
<td class="num">(110,454)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,065,874<span></span>
</td>
<td class="nump">3,741,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Reverse mortgages</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,234<span></span>
</td>
<td class="nump">24,916<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,279<span></span>
</td>
<td class="nump">2,499<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,513<span></span>
</td>
<td class="nump">27,415<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,246)<span></span>
</td>
<td class="num">(1,440)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,267<span></span>
</td>
<td class="nump">25,975<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember', window );">Agency | Multifamily interest-only security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,400,000<span></span>
</td>
<td class="nump">22,900,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,336,095<span></span>
</td>
<td class="nump">14,202,182<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119,280<span></span>
</td>
<td class="nump">118,110<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(80,004)<span></span>
</td>
<td class="num">(79,761)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,932,941<span></span>
</td>
<td class="nump">2,199,961<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">64,235<span></span>
</td>
<td class="nump">80,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(24,593)<span></span>
</td>
<td class="num">(32,132)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,972,583<span></span>
</td>
<td class="nump">2,248,101<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Credit risk transfer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">492,296<span></span>
</td>
<td class="nump">707,169<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,493<span></span>
</td>
<td class="nump">1,608<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,385)<span></span>
</td>
<td class="num">(3,581)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">490,404<span></span>
</td>
<td class="nump">705,196<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,751<span></span>
</td>
<td class="nump">49,819<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(96)<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">521,059<span></span>
</td>
<td class="nump">754,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Alt-A</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">204,309<span></span>
</td>
<td class="nump">172,368<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,062)<span></span>
</td>
<td class="num">(1,724)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">202,281<span></span>
</td>
<td class="nump">170,679<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,969<span></span>
</td>
<td class="nump">2,694<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,696)<span></span>
</td>
<td class="num">(8,481)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">197,554<span></span>
</td>
<td class="nump">164,892<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Prime</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,867,436<span></span>
</td>
<td class="nump">1,824,609<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,175<span></span>
</td>
<td class="nump">27,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,084)<span></span>
</td>
<td class="num">(10,228)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">44,362<span></span>
</td>
<td class="nump">43,725<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,035<span></span>
</td>
<td class="nump">2,732<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(700)<span></span>
</td>
<td class="num">(667)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46,697<span></span>
</td>
<td class="nump">45,790<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Subprime</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">247,047<span></span>
</td>
<td class="nump">280,820<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(29,638)<span></span>
</td>
<td class="num">(30,081)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">217,421<span></span>
</td>
<td class="nump">250,751<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,488<span></span>
</td>
<td class="nump">6,325<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,207)<span></span>
</td>
<td class="num">(11,493)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">216,702<span></span>
</td>
<td class="nump">245,583<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | NPL/RPL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">832,022<span></span>
</td>
<td class="nump">882,547<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,304<span></span>
</td>
<td class="nump">4,540<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,691)<span></span>
</td>
<td class="num">(3,762)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">831,635<span></span>
</td>
<td class="nump">883,325<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,266<span></span>
</td>
<td class="nump">1,630<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,626)<span></span>
</td>
<td class="num">(6,347)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">830,275<span></span>
</td>
<td class="nump">878,608<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Prime jumbo (&gt;=2010 vintage)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,692,985<span></span>
</td>
<td class="nump">10,334,669<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">85,262<span></span>
</td>
<td class="nump">84,431<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(30,144)<span></span>
</td>
<td class="num">(30,385)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">146,838<span></span>
</td>
<td class="nump">146,285<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,726<span></span>
</td>
<td class="nump">17,072<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,268)<span></span>
</td>
<td class="num">(5,044)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,296<span></span>
</td>
<td class="nump">158,313<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Prime interest-only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,800,000<span></span>
</td>
<td class="nump">1,800,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember', window );">Residential credit | Prime jumbo interest-only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,600,000<span></span>
</td>
<td class="nump">10,200,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_CommercialMortgageBackedSecuritiesMember', window );">Commercial Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal / Notional</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59,015<span></span>
</td>
<td class="nump">74,151<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium', window );">Remaining Premium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">144<span></span>
</td>
<td class="nump">193<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount', window );">Remaining Discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59,159<span></span>
</td>
<td class="nump">74,344<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax', window );">Unrealized Gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">38<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(98)<span></span>
</td>
<td class="num">(104)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 59,061<span></span>
</td>
<td class="nump">$ 74,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Excludes $2.3 billion and $2.2&#160;billion at March 31, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company&#8217;s Consolidated Statements of Financial Condition.&#160;</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DebtSecuritiesAvailableforsaleRemainingDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Debt Securities, Available-for-sale, Remaining Discount</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DebtSecuritiesAvailableforsaleRemainingDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DebtSecuritiesAvailableforsaleRemainingPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Debt Securities, Available-for-sale, Remaining Premium</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DebtSecuritiesAvailableforsaleRemainingPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageBackedSecuritiesPortfolioLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage-Backed Securities Portfolio [Line Items]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageBackedSecuritiesPortfolioLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortized cost excluding accrued interest, after allowance for credit loss, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalancePrincipalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of principal of investment owned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalancePrincipalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=nly_ResidentialInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=us-gaap_AgencySecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_FixedRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_FixedRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_AdjustableRatePassThroughMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedMortgageObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedMortgageObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_InterestOnlyMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_MultifamilyMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_ReverseMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_MultifamilyInterestOnlySecurityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_MultifamilyInterestOnlySecurityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=nly_ResidentialCreditSecuritiesMortgageBackedSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_CreditRiskTransferMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_AltaMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_AltaMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_PrimeMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_SubprimeMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_NplRplMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_PrimeInterestonlyMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_PrimeJumboGreaterThanOrEqualToTwoThousandTenVintageInterestOnlyMortgageBackedSecuritiesAvailableForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_CommercialMortgageBackedSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=us-gaap_CommercialMortgageBackedSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SECURITIES - Component of Agency Mortgage-Backed Securities Portfolio by Issuing Agency Concentration (Details) - Agency Mortgage-Backed Securities - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Total</a></td>
<td class="nump">$ 68,329,720<span></span>
</td>
<td class="nump">$ 67,434,068<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Fannie Mae</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Total</a></td>
<td class="nump">63,937,187<span></span>
</td>
<td class="nump">63,211,517<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Freddie Mac</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Total</a></td>
<td class="nump">4,243,501<span></span>
</td>
<td class="nump">4,115,085<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Ginnie Mae</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesPortfolioLineItems', window );"><strong>Mortgage-Backed Securities Portfolio [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Total</a></td>
<td class="nump">$ 149,032<span></span>
</td>
<td class="nump">$ 107,466<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageBackedSecuritiesPortfolioLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage-Backed Securities Portfolio [Line Items]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageBackedSecuritiesPortfolioLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentTypeAxis=us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentTypeAxis=us-gaap_FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentTypeAxis=us-gaap_FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentTypeAxis=us-gaap_FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentTypeAxis=us-gaap_GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentTypeAxis=us-gaap_GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SECURITIES - Weighted Average Life (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract', window );"><strong>Amortized Cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="nump">$ 71,500,103<span></span>
</td>
<td class="nump">$ 72,059,476<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialInvestmentsMember', window );">Total residential securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract', window );"><strong>Estimated Fair Value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue', window );">Less than one year</a></td>
<td class="nump">369,403<span></span>
</td>
<td class="nump">407,856<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue', window );">Greater than one year through five years</a></td>
<td class="nump">1,747,308<span></span>
</td>
<td class="nump">1,308,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue', window );">Greater than five years through ten years</a></td>
<td class="nump">66,096,901<span></span>
</td>
<td class="nump">66,027,670<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue', window );">Greater than ten years</a></td>
<td class="nump">2,088,691<span></span>
</td>
<td class="nump">1,937,745<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Estimated Fair Value</a></td>
<td class="nump">70,302,303<span></span>
</td>
<td class="nump">69,682,169<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract', window );"><strong>Amortized Cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost', window );">Less than one year</a></td>
<td class="nump">369,373<span></span>
</td>
<td class="nump">408,090<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost', window );">Greater than one year through five years</a></td>
<td class="nump">1,748,581<span></span>
</td>
<td class="nump">1,325,093<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost', window );">Greater than five years through ten years</a></td>
<td class="nump">67,235,550<span></span>
</td>
<td class="nump">68,242,391<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost', window );">Greater than ten years</a></td>
<td class="nump">2,087,440<span></span>
</td>
<td class="nump">2,009,558<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Amortized Cost</a></td>
<td class="nump">$ 71,440,944<span></span>
</td>
<td class="nump">$ 71,985,132<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of greater than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents the fair value of debt securities with an expected life of greater than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of greater than five years and less than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents the fair value of debt securities with an expected life of greater than five years and less than ten years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of greater than one year and less than five years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents the fair value of debt securities with an expected life of greater than one year and less than five years from the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents debt securities, at cost, net of adjustments made for accretion, amortization, other-than-temporary impairments, and hedging, if any, with an expected life of less than one year of the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This item represents the fair value of debt securities with an expected life of less than one year of the balance sheet date and which are categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage-Backed Securities Estimated Weighted Average Life Amortized Cost [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeAmortizedCostAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage-Backed Securities Estimated Weighted Average Life Fair Value [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageBackedSecuritiesEstimatedWeightedAverageLifeFairValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortized cost excluding accrued interest, after allowance for credit loss, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnderlyingAssetClassAxis=nly_ResidentialInvestmentsMember">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>SECURITIES - Unrealized Loss Position (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2025 </div>
<div>USD ($) </div>
<div>security</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>security</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems', window );"><strong>Unrealized Loss Position For:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 70,361,364<span></span>
</td>
<td class="nump">$ 69,756,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,619,480)<span></span>
</td>
<td class="num">(2,538,784)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Agency Mortgage-Backed Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems', window );"><strong>Unrealized Loss Position For:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,530,425<span></span>
</td>
<td class="nump">8,103,982<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (792,229)<span></span>
</td>
<td class="num">$ (1,021,904)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions', window );">Number of Securities | security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,320<span></span>
</td>
<td class="nump">1,411<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Agency Mortgage-Backed Securities | Less than 12 months</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems', window );"><strong>Unrealized Loss Position For:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 28,285<span></span>
</td>
<td class="nump">$ 49,820<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (547)<span></span>
</td>
<td class="num">$ (1,477)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions', window );">Number of Securities | security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9<span></span>
</td>
<td class="nump">34<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Agency Mortgage-Backed Securities | 12 Months or more</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems', window );"><strong>Unrealized Loss Position For:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest', window );">Estimated Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,502,140<span></span>
</td>
<td class="nump">$ 8,054,162<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax', window );">Gross Unrealized Losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (791,682)<span></span>
</td>
<td class="num">$ (1,020,427)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions', window );">Number of Securities | security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,311<span></span>
</td>
<td class="nump">1,377<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Excludes $2.3 billion and $2.2&#160;billion at March 31, 2025 and December 31, 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company&#8217;s Consolidated Statements of Financial Condition.&#160;</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage-Backed Securities in a continuous unrealized loss position [Line Items]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgagebackedSecuritiesInContinuousUnrealizedLossPositionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479130/326-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of investments in debt securities measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsLessThanTwelveMonthsMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionsGreaterThanTwelveMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURITIES - Realized Gain (Loss) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract', window );"><strong>Investments, Debt and Equity Securities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain', window );">Gross Realized Gains</a></td>
<td class="nump">$ 64,880<span></span>
</td>
<td class="nump">$ 32,924<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss', window );">Gross Realized Losses</a></td>
<td class="num">(119,486)<span></span>
</td>
<td class="num">(471,172)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS', window );">Net Realized Gains (Losses)</a></td>
<td class="num">$ (54,606)<span></span>
</td>
<td class="num">$ (438,248)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleRealizedGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net gain (loss) resulting from the sales of securitized, pay-through debt securities collateralized by real estate mortgage loans (mortgages).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(h))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSalesOfMortgageBackedSecuritiesMBS</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>LOANS - Narrative (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">$ 105,115,346<span></span>
</td>
<td class="nump">$ 103,556,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 91,483,546<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
<td class="nump">3,900,000<span></span>
</td>
<td class="nump">3,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansReceivableHeldForSaleAmount', window );">Loans held-for-sale</a></td>
<td class="nump">$ 6,300<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PercentageOfAdjustableRateLoans', window );">Percent of adjustable-rate loans</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">16.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PercentageOfAdjustableRateLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of adjustable-rate loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PercentageOfAdjustableRateLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before valuation allowance, of financing receivable classified as held-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477011/948-310-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansReceivableHeldForSaleAmount</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS - Investment Loan Activity (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MovementInMortgageLoansOnRealEstateRollForward', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">$ 3,546,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans', window );">Purchases / originations</a></td>
<td class="nump">3,919,866<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers', window );">Sales and transfers</a></td>
<td class="num">(3,595,522)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal', window );">Principal payments</a></td>
<td class="num">(48,269)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansonRealEstateGainsLosses', window );">Gains / (losses)</a></td>
<td class="nump">42,180<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium', window );">(Amortization) / accretion</a></td>
<td class="num">(4,602)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss', window );">Ending balance March 31, 2025</a></td>
<td class="nump">3,860,555<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NoncashOrPartNoncashFinancialInstrumentsOwnedAndPledgedAsCollateral', window );">Transfer of residential loans to securitization vehicles, carrying value</a></td>
<td class="nump">$ 3,200,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Includes $6.3 million and $10.0&#160;million of residential mortgage loans held for sale at March 31, 2025 and December 31, 2024, respectively.</span></div></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageLoansonRealEstateGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage Loans on Real Estate, Gains (Losses)</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Noncash or Part Noncash, Financial Instruments, Owned and Pledged as Collateral</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NoncashOrPartNoncashFinancialInstrumentsOwnedAndPledgedAsCollateral</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>SEC Schedule, 12-29, Real Estate Companies, Investment In Mortgage Loans On Real Estate, Amortization (Accretion) Of Premium</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium</td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Sales And Transfers</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateCollectionsOfPrincipal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate, from collection of principal.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Paragraph Column G<br> -Footnote 6<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29(Column G)(Footnote 6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateCollectionsOfPrincipal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amortized cost excluding accrued interest, after allowance for credit loss, of financing receivable. Excludes net investment in lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479344/326-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate, from new investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29(Column G)(Footnote 6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateNewMortgageLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MovementInMortgageLoansOnRealEstateRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MovementInMortgageLoansOnRealEstateRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>LOANS - Fair Value and Unpaid Principal of Residential Mortgage Loan Portfolio (Details) - Residential Mortgage Loans - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansFairValueDisclosure', window );">Fair value</a></td>
<td class="nump">$ 28,324,836<span></span>
</td>
<td class="nump">$ 25,520,090<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio', window );">Unpaid principal balance</a></td>
<td class="nump">$ 28,798,298<span></span>
</td>
<td class="nump">$ 26,297,725<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_MortgageLoansFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage loans fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_MortgageLoansFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is the result of the principal amount outstanding of total loans managed or securitized less securitized loans and loans that are in the process of being securitized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Subparagraph (a)<br> -Paragraph 4<br> -SubTopic 20<br> -Topic 860<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS - Summary of Comprehensive Income (Loss) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Interest income</a></td>
<td class="nump">$ 219,971<span></span>
</td>
<td class="num">$ (6,451)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">124,224<span></span>
</td>
<td class="nump">462,892<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Interest income</a></td>
<td class="nump">426,055<span></span>
</td>
<td class="nump">252,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfInvestments', window );">Net gains (losses) on disposal of investments</a></td>
<td class="num">(9,993)<span></span>
</td>
<td class="num">(2,117)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net unrealized gains (losses) on instruments measured at fair value through earnings</a></td>
<td class="nump">240,830<span></span>
</td>
<td class="num">(84,786)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">$ 656,892<span></span>
</td>
<td class="nump">$ 165,113<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income (expense) classified as operating.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) on investment.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS - Geographic Concentrations Based on Unpaid Principal Balances (Details) - Residential mortgage loans - Geographic Concentration Risk<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Jun. 30, 2024</div></th>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=nly_ResidentialMortgageLoansMember', window );">California</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">39.90%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=nly_ResidentialMortgageLoansMember', window );">New York</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">11.20%<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=nly_ResidentialMortgageLoansMember', window );">Florida</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">9.80%<span></span>
</td>
<td class="nump">10.10%<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=nly_ResidentialMortgageLoansMember', window );">Texas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">5.40%<span></span>
</td>
<td class="nump">5.40%<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=nly_ResidentialMortgageLoansMember', window );">All other (none individually greater than 5%)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Geographic Concentrations of Residential Mortgage Loans</a></td>
<td class="nump">33.70%<span></span>
</td>
<td class="nump">34.10%<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 42<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-20<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LOANS - Additional Data On Residential Mortgage Loans (Details) - Residential Mortgage Loans<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr>
<th class="th">
<div>Mar. 31, 2025 </div>
<div>USD ($) </div>
<div>point</div>
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<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>point</div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio', window );">Unpaid principal balance</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InvestmentInterestRatePercentage', window );">Interest rate</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FicoScore', window );">FICO score at loan origination | point</a></td>
<td class="nump">549<span></span>
</td>
<td class="nump">549<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LoanToValuePercentage', window );">Loan-to-value ratio at loan origination</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio', window );">Unpaid principal balance</a></td>
<td class="nump">$ 4,396<span></span>
</td>
<td class="nump">$ 4,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InvestmentInterestRatePercentage', window );">Interest rate</a></td>
<td class="nump">18.00%<span></span>
</td>
<td class="nump">18.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FicoScore', window );">FICO score at loan origination | point</a></td>
<td class="nump">850<span></span>
</td>
<td class="nump">850<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LoanToValuePercentage', window );">Loan-to-value ratio at loan origination</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Weighted Average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MortgageLoansOnRealEstateLineItems', window );"><strong>SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio', window );">Unpaid principal balance</a></td>
<td class="nump">$ 465<span></span>
</td>
<td class="nump">$ 471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InvestmentInterestRatePercentage', window );">Interest rate</a></td>
<td class="nump">6.54%<span></span>
</td>
<td class="nump">6.43%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FicoScore', window );">FICO score at loan origination | point</a></td>
<td class="nump">758<span></span>
</td>
<td class="nump">758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LoanToValuePercentage', window );">Loan-to-value ratio at loan origination</a></td>
<td class="nump">68.00%<span></span>
</td>
<td class="nump">68.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_FicoScore">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>FICO score.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_FicoScore</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InvestmentInterestRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investment Interest Rate, Percentage</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InvestmentInterestRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_LoanToValuePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Loan To Value Percentage</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_LoanToValuePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 12<br> -Subsection 29<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 948<br> -SubTopic 310<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MortgageLoansOnRealEstateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is the result of the principal amount outstanding of total loans managed or securitized less securitized loans and loans that are in the process of being securitized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Subparagraph (a)<br> -Paragraph 4<br> -SubTopic 20<br> -Topic 860<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_WeightedAverageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>MORTGAGE SERVICING RIGHTS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmountRollForward', window );"><strong>Servicing Asset at Fair Value, Amount [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Fair value, beginning of period</a></td>
<td class="nump">$ 2,909,134<span></span>
</td>
<td class="nump">$ 2,122,196<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAdditions', window );">Purchases</a></td>
<td class="nump">396,662<span></span>
</td>
<td class="nump">515,731<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions', window );">Changes in valuation inputs or assumptions</a></td>
<td class="nump">12,768<span></span>
</td>
<td class="nump">46,136<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance', window );">Other changes, including realization of expected cash flows</a></td>
<td class="num">(45,662)<span></span>
</td>
<td class="num">(32,784)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Fair value, end of period</a></td>
<td class="nump">$ 3,272,902<span></span>
</td>
<td class="nump">$ 2,651,279<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The value of new servicing assets, subsequently measured at fair value, acquired or created during the current period through purchases or from transfers of financial assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueAmountRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueAmountRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in fair value from changes in the inputs, assumptions, or model used to calculate the fair value of the contract to service financial assets under which the benefits of servicing are expected to more than adequately compensate the servicer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(4)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in fair value from changes classified as other for a contract to service financial assets under which the benefits of servicing are expected to more than adequately compensate the servicer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(5)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueOtherChangesThatAffectBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVie', window );">Securitized debt of consolidated VIEs</a></td>
<td class="nump">$ 21,802,193<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,540,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Costs incurred in connection with securitization</a></td>
<td class="nump">48,064<span></span>
</td>
<td class="nump">$ 38,570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss', window );">Securitized debt of consolidated VIE, unrealized gain (loss)</a></td>
<td class="num">(170,900)<span></span>
</td>
<td class="nump">86,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">1,748,273<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,154,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Consolidated VIEs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount', window );">Exposure to obligations of VIEs</a></td>
<td class="nump">2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVie', window );">Securitized debt of consolidated VIEs</a></td>
<td class="nump">21,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Costs incurred in connection with securitization</a></td>
<td class="nump">6,800<span></span>
</td>
<td class="nump">$ 3,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount', window );">Contractual principal amount of debt held by third parties</a></td>
<td class="nump">22,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Consolidated VIEs | Consolidation, Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,300,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember', window );">VIE, Not Primary Beneficiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">$ 1,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securitized Debt Of Consolidated VIE, Contractual Principal Amount</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securitized Debt Of Consolidated VIE, Unrealized Gain (Loss)</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securitized debt of consolidated VIE</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritizedDebtOfConsolidatedVie</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
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<tr>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the participation liability at the end of the accounting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481212/470-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The reporting entity's maximum amount of exposure to loss as a result of its involvement with the Variable Interest Entity (VIE).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (b)(1)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (b)(1)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityLineItems</td>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>VARIABLE INTEREST ENTITIES - Schedule of the Fair Value of OBX Trusts Closed (Details) - Consolidated VIEs - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Feb. 28, 2025</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=nly_OBX2025NQM2Member', window );">OBX 2025-NQM2</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized', window );">Face Value at Closing</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized', window );">Face Value at Closing</a></td>
<td class="nump">$ 625,807<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
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<td class="nump">216,455<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=nly_OBX2025NQM5Member', window );">OBX 2025-NQM5</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized', window );">Face Value at Closing</a></td>
<td class="nump">$ 334,879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is the principal amount outstanding for securitized loans only (across all types of loans).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Subparagraph (a)<br> -Paragraph 4<br> -SubTopic 20<br> -Topic 860<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_PrincipalAmountOutstandingOnLoansSecuritized</td>
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<tr>
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<td>credit</td>
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<tr>
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<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_LegalEntityAxis=nly_OBX2025HE1Member</td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsVariationMarginonCollateral', window );">Variation margin</a></td>
<td class="num">$ (2,600.0)<span></span>
</td>
<td class="num">$ (3,300.0)<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativeInstrumentsVariationMarginonCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative Instruments, Variation Margin on Collateral</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativeInstrumentsVariationMarginonCollateral</td>
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<tr>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position at the end of the reporting period. For nonderivative instruments that are designated and qualify as hedging instruments, the fair value amounts are the carrying value of the nonderivative hedging instrument, including the adjustment for the foreign currency transaction gain (loss) on that instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4H<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Summary of Fair Value Information about Derivative Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">$ 67,257<span></span>
</td>
<td class="nump">$ 225,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">181,065<span></span>
</td>
<td class="nump">59,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember', window );">Futures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">148,371<span></span>
</td>
<td class="nump">16,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">148,371<span></span>
</td>
<td class="nump">16,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">10,958<span></span>
</td>
<td class="nump">4,510<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">10,958<span></span>
</td>
<td class="nump">4,510<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">1,772<span></span>
</td>
<td class="nump">5,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">1,772<span></span>
</td>
<td class="nump">5,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeAssetsAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">21,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">21,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwaptionMember', window );">Interest rate swaptions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">7,595<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">7,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember', window );">TBA derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">35,095<span></span>
</td>
<td class="nump">8,635<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">35,095<span></span>
</td>
<td class="nump">8,635<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">12,467<span></span>
</td>
<td class="nump">30,539<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">$ 12,467<span></span>
</td>
<td class="nump">$ 30,539<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssets">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 103<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestRateDerivativeAssetsAtFairValue</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Summary of Characteristics of Interest Rate Swaps (Details) - Interest rate swaps, at fair value - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 55,452,768<span></span>
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<td class="nump">$ 66,053,571<span></span>
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<td class="nump">2.98%<span></span>
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<td class="nump">3.11%<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAverageReceiveRate', window );">Weighted Average Receive Rate</a></td>
<td class="nump">4.43%<span></span>
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<td class="nump">4.50%<span></span>
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<td class="text">4 years 9 months 14 days<span></span>
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<td class="text">4 years 4 months 9 days<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Federal funds index swap</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeNonmonetaryNotionalAmountPercentage', window );">Notional amount, percentage</a></td>
<td class="nump">7.00%<span></span>
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<td class="nump">5.00%<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Secured Overnight Financing Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeNonmonetaryNotionalAmountPercentage', window );">Notional amount, percentage</a></td>
<td class="nump">93.00%<span></span>
</td>
<td class="nump">95.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">0 - 3 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMinimumMaturityPeriod', window );">Minimum maturity period</a></td>
<td class="text">0 years<span></span>
</td>
<td class="text">0 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMaximumMaturityPeriod', window );">Maximum maturity period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Notional</a></td>
<td class="nump">$ 25,483,937<span></span>
</td>
<td class="nump">$ 30,411,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAveragePayRate', window );">Weighted Average Pay Rate</a></td>
<td class="nump">3.27%<span></span>
</td>
<td class="nump">3.49%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAverageReceiveRate', window );">Weighted Average Receive Rate</a></td>
<td class="nump">4.40%<span></span>
</td>
<td class="nump">4.48%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Years to Maturity</a></td>
<td class="text">1 year 8 months 19 days<span></span>
</td>
<td class="text">1 year 1 month 20 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">3 - 6 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMinimumMaturityPeriod', window );">Minimum maturity period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMaximumMaturityPeriod', window );">Maximum maturity period</a></td>
<td class="text">6 years<span></span>
</td>
<td class="text">6 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Notional</a></td>
<td class="nump">$ 8,678,730<span></span>
</td>
<td class="nump">$ 12,764,021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAveragePayRate', window );">Weighted Average Pay Rate</a></td>
<td class="nump">2.96%<span></span>
</td>
<td class="nump">3.15%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAverageReceiveRate', window );">Weighted Average Receive Rate</a></td>
<td class="nump">4.41%<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Years to Maturity</a></td>
<td class="text">4 years 7 months 9 days<span></span>
</td>
<td class="text">4 years 3 months 7 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">6 - 10 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMinimumMaturityPeriod', window );">Minimum maturity period</a></td>
<td class="text">6 years<span></span>
</td>
<td class="text">6 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMaximumMaturityPeriod', window );">Maximum maturity period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Notional</a></td>
<td class="nump">$ 19,698,720<span></span>
</td>
<td class="nump">$ 21,318,937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAveragePayRate', window );">Weighted Average Pay Rate</a></td>
<td class="nump">2.61%<span></span>
</td>
<td class="nump">2.55%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAverageReceiveRate', window );">Weighted Average Receive Rate</a></td>
<td class="nump">4.48%<span></span>
</td>
<td class="nump">4.53%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Years to Maturity</a></td>
<td class="text">7 years 4 months 13 days<span></span>
</td>
<td class="text">7 years 7 months 17 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Greater than 10 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativeInstrumentsMinimumMaturityPeriod', window );">Minimum maturity period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Notional</a></td>
<td class="nump">$ 1,591,381<span></span>
</td>
<td class="nump">$ 1,559,384<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAveragePayRate', window );">Weighted Average Pay Rate</a></td>
<td class="nump">3.38%<span></span>
</td>
<td class="nump">3.40%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwapsWeightedAverageReceiveRate', window );">Weighted Average Receive Rate</a></td>
<td class="nump">4.41%<span></span>
</td>
<td class="nump">4.41%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Years to Maturity</a></td>
<td class="text">22 years 11 months 15 days<span></span>
</td>
<td class="text">23 years 3 months<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativeInstrumentsMaximumMaturityPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative instruments maximum maturity period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativeInstrumentsMaximumMaturityPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativeInstrumentsMinimumMaturityPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative instruments minimum maturity period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativeInstrumentsMinimumMaturityPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativeNonmonetaryNotionalAmountPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative, Nonmonetary Notional Amount, Percentage</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativeNonmonetaryNotionalAmountPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestRateSwapsWeightedAveragePayRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average pay rate for interest rate swaps.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestRateSwapsWeightedAveragePayRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestRateSwapsWeightedAverageReceiveRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average receive rate for interest rate swaps.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestRateSwapsWeightedAverageReceiveRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAverageRemainingMaturity1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average remaining period until maturity of the derivative contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAverageRemainingMaturity1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_FederalFundsEffectiveSwapRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_FederalFundsEffectiveSwapRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=nly_MaturityPeriodFourMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Summary of Swaptions Outstanding (Details) - Notional - Long Positions - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Jun. 30, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_InterestRateSwaptionPayMember', window );">Long pay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Underlying Notional</a></td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwaptionsWeightedAverageUnderlyingPayRate', window );">Weighted Average Underlying Fixed Rate</a></td>
<td class="nump">4.68%<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">10 years 9 months 29 days<span></span>
</td>
<td class="text">0 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativePortfolioExpirationPeriod', window );">Weighted Average Months to Expiration</a></td>
<td class="text">9 months 29 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_InterestRateSwaptionReceiveMember', window );">Long receive</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current Underlying Notional</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestRateSwaptionsWeightedAverageUnderlyingPayRate', window );">Weighted Average Underlying Fixed Rate</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">0 years<span></span>
</td>
<td class="text">0 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DerivativePortfolioExpirationPeriod', window );">Weighted Average Months to Expiration</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DerivativePortfolioExpirationPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Derivative Portfolio Expiration Period</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DerivativePortfolioExpirationPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestRateSwaptionsWeightedAverageUnderlyingPayRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest rate swaptions weighted average underlying pay rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestRateSwaptionsWeightedAverageUnderlyingPayRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAverageRemainingMaturity1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average remaining period until maturity of the derivative contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAverageRemainingMaturity1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNotionalAmount</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=nly_InterestRateSwaptionPayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=nly_InterestRateSwaptionPayMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PositionAxis=us-gaap_LongMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PositionAxis=us-gaap_LongMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=nly_InterestRateSwaptionReceiveMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Summary of Purchase and Sale Contracts for TBA Derivatives (Details) - TBA derivatives - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetNotionalAmount', window );">Notional</a></td>
<td class="nump">$ 6,902,000<span></span>
</td>
<td class="nump">$ 3,117,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesCost', window );">Implied Cost Basis</a></td>
<td class="nump">6,612,755<span></span>
</td>
<td class="nump">3,158,058<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesFairMarketValue', window );">Implied Market Value</a></td>
<td class="nump">6,635,383<span></span>
</td>
<td class="nump">3,136,154<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeNet', window );">Net Carrying Value</a></td>
<td class="nump">22,628<span></span>
</td>
<td class="num">(21,904)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember', window );">Purchase contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetNotionalAmount', window );">Notional</a></td>
<td class="nump">6,902,000<span></span>
</td>
<td class="nump">4,237,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesCost', window );">Implied Cost Basis</a></td>
<td class="nump">6,612,755<span></span>
</td>
<td class="nump">4,239,001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesFairMarketValue', window );">Implied Market Value</a></td>
<td class="nump">6,635,383<span></span>
</td>
<td class="nump">4,209,341<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeNet', window );">Net Carrying Value</a></td>
<td class="nump">$ 22,628<span></span>
</td>
<td class="num">(29,660)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember', window );">Sale contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilityNotionalAmount', window );">Notional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,120,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesCost', window );">Implied Cost Basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,080,943)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ToBeAnnouncedSecuritiesFairMarketValue', window );">Implied Market Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,073,187)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeNet', window );">Net Carrying Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,756<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ToBeAnnouncedSecuritiesCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>TBA Securities cost.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ToBeAnnouncedSecuritiesCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ToBeAnnouncedSecuritiesFairMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>TBA Securities fair market value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ToBeAnnouncedSecuritiesFairMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payments on the derivative asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5C<br> -Subparagraph (SX 210.12-13C(Column E))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column D))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5B<br> -Subparagraph (SX 210.12-13B(Column B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFairValueOfDerivativeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of the assets less the liabilities of a derivative or group of derivatives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeFairValueOfDerivativeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilityNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payments on the derivative liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5C<br> -Subparagraph (SX 210.12-13C(Column E))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13(Column D))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column D))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5B<br> -Subparagraph (SX 210.12-13B(Column A))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilityNotionalAmount</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PositionAxis=us-gaap_LongMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PositionAxis=us-gaap_LongMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
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<td style="white-space:nowrap;">us-gaap_PositionAxis=us-gaap_ShortMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Summary of Certain Characteristics of Futures Derivatives (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember', window );">Futures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">10 years 6 months 7 days<span></span>
</td>
<td class="text">7 years 1 month 9 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember', window );">Futures | Notional - Long Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 8,472,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember', window );">Futures | Notional - Short Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="nump">$ 11,659,400<span></span>
</td>
<td class="nump">$ 9,840,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTwoYearMember', window );">U.S. Treasury futures - 2 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeTermOfContract', window );">Maturity period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 11 months 23 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTwoYearMember', window );">U.S. Treasury futures - 2 year | Notional - Long Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,511,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTwoYearMember', window );">U.S. Treasury futures - 2 year | Notional - Short Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesFiveYearMember', window );">U.S. Treasury futures - 5 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeTermOfContract', window );">Maturity period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years 4 months 24 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesFiveYearMember', window );">U.S. Treasury futures - 5 year | Notional - Long Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,960,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesFiveYearMember', window );">U.S. Treasury futures - 5 year | Notional - Short Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTenYearMember', window );">U.S. Treasury futures - 10 year and greater</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeTermOfContract', window );">Maturity period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAverageRemainingMaturity1', window );">Weighted Average Underlying Years to Maturity</a></td>
<td class="text">10 years 6 months 7 days<span></span>
</td>
<td class="text">11 years 18 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTenYearMember', window );">U.S. Treasury futures - 10 year and greater | Notional - Long Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTenYearMember', window );">U.S. Treasury futures - 10 year and greater | Notional - Short Positions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Current notional</a></td>
<td class="nump">$ 11,659,400<span></span>
</td>
<td class="nump">$ 9,840,500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAverageRemainingMaturity1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average remaining period until maturity of the derivative contract, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAverageRemainingMaturity1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Period the derivative contract is outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PositionAxis=us-gaap_LongMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PositionAxis=us-gaap_LongMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PositionAxis=us-gaap_ShortMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PositionAxis=us-gaap_ShortMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTwoYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTwoYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesFiveYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesFiveYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTenYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesTenYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Offsetting of Derivative Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">$ 67,257<span></span>
</td>
<td class="nump">$ 225,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Gross Amounts</a></td>
<td class="nump">181,065<span></span>
</td>
<td class="nump">59,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember', window );">Futures contracts, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnSecurities', window );">Financial Instruments</a></td>
<td class="num">(5,597)<span></span>
</td>
<td class="num">(16,650)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">174,330<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Gross Amounts</a></td>
<td class="nump">148,371<span></span>
</td>
<td class="nump">16,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimSecurities', window );">Financial Instruments</a></td>
<td class="num">(5,597)<span></span>
</td>
<td class="num">(16,650)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimCash', window );">Cash Collateral</a></td>
<td class="num">(142,774)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">148,371<span></span>
</td>
<td class="nump">16,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">10,958<span></span>
</td>
<td class="nump">4,510<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnSecurities', window );">Financial Instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">10,958<span></span>
</td>
<td class="nump">4,510<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Gross Amounts</a></td>
<td class="nump">1,772<span></span>
</td>
<td class="nump">5,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimSecurities', window );">Financial Instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">1,772<span></span>
</td>
<td class="nump">5,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">10,958<span></span>
</td>
<td class="nump">4,510<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">1,772<span></span>
</td>
<td class="nump">5,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest rate swaps, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">21,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnSecurities', window );">Financial Instruments</a></td>
<td class="num">(3,238)<span></span>
</td>
<td class="num">(8,138)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">4,774<span></span>
</td>
<td class="nump">13,088<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Gross Amounts</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimSecurities', window );">Financial Instruments</a></td>
<td class="num">(16,942)<span></span>
</td>
<td class="num">(7,212)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">1,513<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwaptionMember', window );">Interest rate swaptions, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">7,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnSecurities', window );">Financial Instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnCash', window );">Cash Collateral</a></td>
<td class="num">(7,515)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">80<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">7,595<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember', window );">TBA derivatives, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Gross Amounts</a></td>
<td class="nump">35,095<span></span>
</td>
<td class="nump">8,635<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnSecurities', window );">Financial Instruments</a></td>
<td class="num">(23,242)<span></span>
</td>
<td class="num">(879)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralObligationToReturnCash', window );">Cash Collateral</a></td>
<td class="num">(11,270)<span></span>
</td>
<td class="num">(929)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">583<span></span>
</td>
<td class="nump">6,827<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Gross Amounts</a></td>
<td class="nump">12,467<span></span>
</td>
<td class="nump">30,539<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimSecurities', window );">Financial Instruments</a></td>
<td class="num">(12,311)<span></span>
</td>
<td class="num">(19,495)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeCollateralRightToReclaimCash', window );">Cash Collateral</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral', window );">Net Amounts</a></td>
<td class="nump">156<span></span>
</td>
<td class="nump">11,044<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeAsset', window );">Other derivative assets</a></td>
<td class="nump">35,095<span></span>
</td>
<td class="nump">8,635<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeFairValueOfDerivativeLiability', window );">Other derivative liabilities</a></td>
<td class="nump">$ 12,467<span></span>
</td>
<td class="nump">$ 30,539<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 103<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCollateralObligationToReturnCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation to return cash collateral under master netting arrangements that have not been offset against derivative assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeCollateralObligationToReturnCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCollateralObligationToReturnSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation to return securities collateral under master netting arrangements that have not been offset against derivative assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeCollateralObligationToReturnSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCollateralRightToReclaimCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeCollateralRightToReclaimCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCollateralRightToReclaimSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of right to receive securities collateral under master netting arrangements that have not been offset against derivative liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeCollateralRightToReclaimSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFairValueOfDerivativeAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 13<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilities</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwaptionMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Effect of Interest Rate Swaps on Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract', window );"><strong>Derivative Instruments and Hedging Activities Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_GainLossOnRealizedInterestRateSwaps', window );">Net Interest Component of Interest Rate Swaps</a></td>
<td class="nump">$ 191,545<span></span>
</td>
<td class="nump">$ 330,149<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_GainLossOnTerminationOfInterestRateSwaps', window );">Realized Gains (Losses) on Termination of Interest Rate Swaps</a></td>
<td class="num">(43,789)<span></span>
</td>
<td class="num">(21,237)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="num">$ (753,601)<span></span>
</td>
<td class="nump">$ 900,902<span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain (loss) included in earnings for net interest payments from interest rate swaps.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_GainLossOnRealizedInterestRateSwaps</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain or loss on the termination of interest rate swap agreements recognized during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_GainLossOnTerminationOfInterestRateSwaps</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column F))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnDerivatives</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE INSTRUMENTS - Effect of Other Derivative Contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="num">$ (753,601)<span></span>
</td>
<td class="nump">$ 900,902<span></span>
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</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</a></td>
<td class="num">(372,022)<span></span>
</td>
<td class="nump">167,330<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesMember', window );">Futures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RealizedGainLossOnDerivatives', window );">Realized Gain (Loss)</a></td>
<td class="nump">9,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RealizedGainLossOnDerivatives', window );">Realized Gain (Loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="nump">9,859<span></span>
</td>
<td class="num">(6,613)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</a></td>
<td class="nump">9,859<span></span>
</td>
<td class="num">(6,613)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember', window );">Net TBA derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RealizedGainLossOnDerivatives', window );">Realized Gain (Loss)</a></td>
<td class="num">(14,355)<span></span>
</td>
<td class="num">(8,615)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="nump">44,533<span></span>
</td>
<td class="nump">14,898<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</a></td>
<td class="nump">30,178<span></span>
</td>
<td class="nump">6,283<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwaptionMember', window );">Net interest rate swaptions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RealizedGainLossOnDerivatives', window );">Realized Gain (Loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="num">(8,600)<span></span>
</td>
<td class="nump">30,631<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</a></td>
<td class="num">(8,600)<span></span>
</td>
<td class="nump">30,631<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_FutureMember', window );">Futures | Futures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLineItems', window );"><strong>Derivative [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RealizedGainLossOnDerivatives', window );">Realized Gain (Loss)</a></td>
<td class="num">(86,356)<span></span>
</td>
<td class="num">(8,680)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized Gain (Loss)</a></td>
<td class="num">(317,103)<span></span>
</td>
<td class="nump">145,709<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives</a></td>
<td class="num">$ (403,459)<span></span>
</td>
<td class="nump">$ 137,029<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_RealizedGainLossOnDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain (loss) on derivatives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_RealizedGainLossOnDerivatives</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeGainLossOnDerivativeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column F))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnDerivatives</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_UsTreasuryFuturesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=nly_ToBeAnnouncedContractsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwaptionMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_FutureMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Mortgage servicing rights</a></td>
<td class="nump">$ 3,272,902<span></span>
</td>
<td class="nump">$ 2,909,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,651,279<span></span>
</td>
<td class="nump">$ 2,122,196<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Interest rate swaps</a></td>
<td class="nump">67,257<span></span>
</td>
<td class="nump">225,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">1,748,273<span></span>
</td>
<td class="nump">1,154,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">2,519,125<span></span>
</td>
<td class="nump">2,470,629<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Derivative liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansFairValueDisclosure', window );">Residential mortgage loans</a></td>
<td class="nump">28,324,836<span></span>
</td>
<td class="nump">25,520,090<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure', window );">Agency mortgage-backed securities</a></td>
<td class="nump">68,329,720<span></span>
</td>
<td class="nump">67,434,068<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue', window );">Credit risk transfer securities</a></td>
<td class="nump">521,059<span></span>
</td>
<td class="nump">754,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Mortgage servicing rights</a></td>
<td class="nump">3,272,902<span></span>
</td>
<td class="nump">2,909,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">59,245<span></span>
</td>
<td class="nump">204,125<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FinancialAssetsFairValueDisclosure', window );">Total assets</a></td>
<td class="nump">102,026,359<span></span>
</td>
<td class="nump">98,411,022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure', window );">Debt issued by securitization vehicles</a></td>
<td class="nump">21,802,193<span></span>
</td>
<td class="nump">19,540,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">1,748,273<span></span>
</td>
<td class="nump">1,154,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">2,519,125<span></span>
</td>
<td class="nump">2,470,629<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Derivative liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">162,610<span></span>
</td>
<td class="nump">52,374<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialLiabilitiesFairValueDisclosure', window );">Total liabilities</a></td>
<td class="nump">26,250,656<span></span>
</td>
<td class="nump">23,225,709<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Assets transferred or pledged to securitization vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Assets transferred or pledged to securitization vehicles</a></td>
<td class="nump">24,464,281<span></span>
</td>
<td class="nump">21,973,188<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Non-Agency mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">1,451,524<span></span>
</td>
<td class="nump">1,493,186<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Commercial mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">59,061<span></span>
</td>
<td class="nump">74,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansFairValueDisclosure', window );">Residential mortgage loans</a></td>
<td class="nump">3,860,555<span></span>
</td>
<td class="nump">3,546,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Interest rate swaps</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">21,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure', window );">Agency mortgage-backed securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue', window );">Credit risk transfer securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Mortgage servicing rights</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FinancialAssetsFairValueDisclosure', window );">Total assets</a></td>
<td class="nump">5,597<span></span>
</td>
<td class="nump">190,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure', window );">Debt issued by securitization vehicles</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">2,519,125<span></span>
</td>
<td class="nump">2,470,629<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Derivative liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">148,371<span></span>
</td>
<td class="nump">16,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialLiabilitiesFairValueDisclosure', window );">Total liabilities</a></td>
<td class="nump">2,667,496<span></span>
</td>
<td class="nump">2,487,279<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1 | Assets transferred or pledged to securitization vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Assets transferred or pledged to securitization vehicles</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1 | Non-Agency mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1 | Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansFairValueDisclosure', window );">Residential mortgage loans</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 1 | Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Interest rate swaps</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure', window );">Agency mortgage-backed securities</a></td>
<td class="nump">68,329,720<span></span>
</td>
<td class="nump">67,434,068<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue', window );">Credit risk transfer securities</a></td>
<td class="nump">521,059<span></span>
</td>
<td class="nump">754,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Mortgage servicing rights</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">53,648<span></span>
</td>
<td class="nump">13,145<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FinancialAssetsFairValueDisclosure', window );">Total assets</a></td>
<td class="nump">98,747,860<span></span>
</td>
<td class="nump">95,310,908<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure', window );">Debt issued by securitization vehicles</a></td>
<td class="nump">21,802,193<span></span>
</td>
<td class="nump">19,540,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">1,748,273<span></span>
</td>
<td class="nump">1,154,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Derivative liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">18,455<span></span>
</td>
<td class="nump">7,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">14,239<span></span>
</td>
<td class="nump">35,724<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialLiabilitiesFairValueDisclosure', window );">Total liabilities</a></td>
<td class="nump">23,583,160<span></span>
</td>
<td class="nump">20,738,430<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2 | Assets transferred or pledged to securitization vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Assets transferred or pledged to securitization vehicles</a></td>
<td class="nump">24,464,281<span></span>
</td>
<td class="nump">21,973,188<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2 | Non-Agency mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">1,451,524<span></span>
</td>
<td class="nump">1,493,186<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue', window );">Mortgage-backed securities</a></td>
<td class="nump">59,061<span></span>
</td>
<td class="nump">74,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2 | Residential mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_MortgageLoansFairValueDisclosure', window );">Residential mortgage loans</a></td>
<td class="nump">3,860,555<span></span>
</td>
<td class="nump">3,546,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 2 | Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Interest rate swaps</a></td>
<td class="nump">8,012<span></span>
</td>
<td class="nump">21,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure', window );">Agency mortgage-backed securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue', window );">Credit risk transfer securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetAtFairValueAmount', window );">Mortgage servicing rights</a></td>
<td class="nump">3,272,902<span></span>
</td>
<td class="nump">2,909,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_FinancialAssetsFairValueDisclosure', window );">Total assets</a></td>
<td class="nump">3,272,902<span></span>
</td>
<td class="nump">2,909,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure', window );">Debt issued by securitization vehicles</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount', window );">Participations issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesAbstract', window );"><strong>Derivative liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestRateDerivativeLiabilitiesAtFairValue', window );">Interest rate swaps</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure', window );">Other derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialLiabilitiesFairValueDisclosure', window );">Total liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 3 | Assets transferred or pledged to securitization vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LoansPayableAbstract', window );"><strong>Loans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Assets transferred or pledged to securitization vehicles</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Measurements, Recurring | Level 3 | Non-Agency mortgage-backed securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsAbstract', window );"><strong>Derivative assets</strong></a></td>
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<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financial assets, fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Mortgage loans fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Other derivative instrument obligations meeting the definition of an asset which the Company is a party to as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element represents the fair value of derivative liabilities categorized as other as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securitized debt of consolidated VIEs fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritizedDebtOfConsolidatedVieFairValueDisclosure</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosureAbstract">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosureAbstract</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssets">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedAtFairValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of firm holdings in mortgages, mortgage backed securities (investment instruments that represent ownership of an undivided interest in a group of mortgages, where principal and interest from the individual mortgages are used to pay investors' principal and interest on the mortgage backed security) and asset-backed securities that are primarily paid from the cash flows of a discrete pool of receivables or other financial assets (such as credit-card receivables), either fixed or revolving, that by their terms convert into cash within a finite time period. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedOtherAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of firm holdings in securities classified as other. Includes pledged and unpledged holdings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedOtherAtFairValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of obligations incurred from short sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 940<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479035/940-320-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>credit</td>
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<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialLiabilitiesFairValueDisclosure</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestRateDerivativeLiabilitiesAtFairValue</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansPayableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of securitized, pay-through debt securities collateralized by real estate mortgage loans classified as available-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the participation liability at the end of the accounting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481212/470-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ParticipatingMortgageLoansParticipationLiabilitiesAmount</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetAtFairValueAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481260/860-50-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetAtFairValueAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS - Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Level 3 MSRs (Detail) - Fair Value, Measurements, Recurring - Level 3<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
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<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.062<span></span>
</td>
<td class="nump">0.074<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Discount rate | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.122<span></span>
</td>
<td class="nump">0.124<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Discount rate | Weighted Average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.082<span></span>
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<td class="nump">0.084<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Prepayment rate | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.044<span></span>
</td>
<td class="nump">0.047<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Prepayment rate | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.213<span></span>
</td>
<td class="nump">0.172<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Prepayment rate | Weighted Average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.055<span></span>
</td>
<td class="nump">0.056<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Delinquency rate | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.002<span></span>
</td>
<td class="nump">0.002<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Delinquency rate | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.039<span></span>
</td>
<td class="nump">0.041<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Delinquency rate | Weighted Average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">0.012<span></span>
</td>
<td class="nump">0.013<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Cost to service | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">83<span></span>
</td>
<td class="nump">83<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Cost to service | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">98<span></span>
</td>
<td class="nump">99<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Cost to service | Weighted Average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems', window );"><strong>Fair Value, Option, Quantitative Disclosures [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ServicingAssetMeasurementInput', window );">MSR measurement inputs</a></td>
<td class="nump">87<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-30<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-31<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-32<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOptionQuantitativeDisclosuresLineItems</td>
</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ServicingAssetMeasurementInput">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of input used to measure servicing asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ServicingAssetMeasurementInput</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDiscountRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputDiscountRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_WeightedAverageMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputPrepaymentRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputPrepaymentRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MeasurementInputTypeAxis=nly_MeasurementInputDelinquencyRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MeasurementInputTypeAxis=nly_MeasurementInputDelinquencyRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MeasurementInputTypeAxis=nly_MeasurementInputCostToServiceMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS - Estimated Fair Values for All Financial Assets and Liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>Financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherSecuredFinancings', window );">Other secured financing</a></td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="nump">$ 750,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>Financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure', window );">Repurchase agreements</a></td>
<td class="nump">61,659,460<span></span>
</td>
<td class="nump">65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherSecuredFinancings', window );">Other secured financing</a></td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember', window );">Fair Value | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>Financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure', window );">Repurchase agreements</a></td>
<td class="nump">61,659,460<span></span>
</td>
<td class="nump">65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherSecuredFinancings', window );">Other secured financing</a></td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="nump">$ 750,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSecuredFinancings">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Secured financing other than securities sold under agreements to repurchase and securities loaned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 15<br> -Paragraph 83<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480647/815-10-15-83<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>credit</td>
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<td>instant</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of securities that an entity sells and agrees to repurchase at a specified date for a specified price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure</td>
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<td>credit</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INTANGIBLE ASSETS - Narrative (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Jun. 30, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_EmploymentContractsMember', window );">Assembled workforce</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinitelivedIntangibleAssetsAcquired1', window );">Intangible assets acquired</a></td>
<td class="nump">$ 41.2<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 40<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482686/350-30-45-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 985<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 926<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483154/926-20-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in assets, excluding financial assets, lacking physical substance with a definite life, from an acquisition.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinitelivedIntangibleAssetsAcquired1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_EmploymentContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_EmploymentContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>106
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS - Summary of Indefinite and Finite-Lived Intangible Assets (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsRollForward', window );"><strong>Intangible Assets, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Beginning balance January 1, 2025</a></td>
<td class="nump">$ 9,416<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Less: amortization expense</a></td>
<td class="num">(673)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Ending balance March 31, 2025</a></td>
<td class="nump">$ 8,743<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 40<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482686/350-30-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482686/350-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SECURED FINANCING - Narrative (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement', window );">Netted amounts</a></td>
<td class="nump">$ 61,659,460<span></span>
</td>
<td class="nump">$ 65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1', window );">Repurchase agreements, weighted average remaining maturities</a></td>
<td class="text">50 days<span></span>
</td>
<td class="text">32 days<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RepurchaseAgreementsWeightedAverageRates', window );">Repurchase agreements weighted average rate</a></td>
<td class="nump">4.56%<span></span>
</td>
<td class="nump">4.76%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements', window );">Repurchase agreement amount</a></td>
<td class="nump">$ 3,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable', window );">Remaining capacity of repurchase agreement</a></td>
<td class="nump">2,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral', window );">Fair value of collateral received for reverse repurchase agreements</a></td>
<td class="nump">2,500,000<span></span>
</td>
<td class="nump">$ 2,600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral', window );">Fair value of securities sold</a></td>
<td class="nump">2,500,000<span></span>
</td>
<td class="nump">2,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherSecuredFinancings', window );">Other secured financing</a></td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="nump">$ 750,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtWeightedAverageInterestRate', window );">Debt weighted average interest rate</a></td>
<td class="nump">7.03%<span></span>
</td>
<td class="nump">7.21%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue', window );">Secured financings and interest rate swaps - collateral held, estimated fair value</a></td>
<td class="nump">$ 68,000,000<span></span>
</td>
<td class="nump">$ 71,800,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RepurchaseAgreementsAccruedInterest', window );">Secured financings and interest rate swaps - collateral held, accrued interest</a></td>
<td class="nump">310,100<span></span>
</td>
<td class="nump">332,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember', window );">Line of Credit | Mortgage Servicing Rights Committed Credit Facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit facility, maximum borrowing capacity</a></td>
<td class="nump">$ 1,800,000<span></span>
</td>
<td class="nump">$ 1,600,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtInstrumentMaturity', window );">Debt instrument, maturity</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">1 month<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_DebtInstrumentMaturity', window );">Debt instrument, maturity</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value as of the balance sheet date of securities pledged as collateral that an institution holds on behalf of repurchase agreements, after giving effect for interest rate swaps.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_DebtInstrumentMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Debt Instrument, Maturity</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_DebtInstrumentMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_RepurchaseAgreementsAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The accrued interest as of the balance sheet date of securities pledged as collateral that an institution holds on behalf of repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_RepurchaseAgreementsAccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_RepurchaseAgreementsWeightedAverageRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average rate of repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_RepurchaseAgreementsWeightedAverageRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securities Sold under Agreements to Repurchase, Commitments Available</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securities Sold under Agreements to Repurchase, Maximum Available Under Counterparty Arrangements</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-7<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(m)(1)(ii)(A))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtWeightedAverageInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average interest rate of debt outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtWeightedAverageInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSecuredFinancings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Secured financing other than securities sold under agreements to repurchase and securities loaned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 15<br> -Paragraph 83<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480647/815-10-15-83<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSecuredFinancings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average maturity (weighted by amount of the agreement) of repurchase agreements with the counterparty, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-9<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(m)(1)(iii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of securities received as collateral against securities purchased under agreement to resell.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of securities pledged as collateral against securities sold under agreement to repurchase.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after effect of master netting arrangement, of fund outstanding borrowed in form of security repurchase agreement for sale and repurchase of identical or substantially same security at date certain for specified price. Includes financial instrument subject to master netting arrangement not elected or qualified to offset. Excludes security sold under agreement to repurchase not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=nly_MortgageServicingRightsCommittedCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=nly_MortgageServicingRightsCommittedCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SECURED FINANCING - Repurchase Agreements - Remaining Maturities, Collateral Types and Weighted Average Rate (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">$ 64,200,620<span></span>
</td>
<td class="nump">$ 68,302,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset', window );">Amounts offset</a></td>
<td class="num">(2,541,160)<span></span>
</td>
<td class="num">(2,613,088)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement', window );">Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition</a></td>
<td class="nump">$ 61,659,460<span></span>
</td>
<td class="nump">$ 65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage', window );">Repurchase agreements, remaining maturities, percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_CreditRiskTransferSecuritiesMember', window );">CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">$ 345,678<span></span>
</td>
<td class="nump">$ 569,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_NonAgencyMbsMember', window );">Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">2,460,437<span></span>
</td>
<td class="nump">2,481,415<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageMember', window );">Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">1,669,073<span></span>
</td>
<td class="nump">1,390,961<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=nly_AgencyMortgageBackedSecuritiesMember', window );">Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">59,672,873<span></span>
</td>
<td class="nump">63,794,614<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnderlyingAssetClassAxis=us-gaap_CommercialMortgageBackedSecuritiesMember', window );">Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">52,559<span></span>
</td>
<td class="nump">66,010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">22,600,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">22,600,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=us-gaap_MaturityOvernightMember', window );">1 day | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">3,228,145<span></span>
</td>
<td class="nump">29,936,453<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">257,622<span></span>
</td>
<td class="nump">405,341<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">861,199<span></span>
</td>
<td class="nump">861,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">2,056,765<span></span>
</td>
<td class="nump">28,603,831<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity2To29DaysMember', window );">2 to 29 days | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">52,559<span></span>
</td>
<td class="nump">66,010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">15,441,824<span></span>
</td>
<td class="nump">35,545,924<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">51,904<span></span>
</td>
<td class="nump">116,087<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">709,891<span></span>
</td>
<td class="nump">682,037<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">251,357<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">14,680,029<span></span>
</td>
<td class="nump">34,496,443<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity30To59DaysMember', window );">30 to 59 days | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">21,007,475<span></span>
</td>
<td class="nump">1,285,522<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">36,152<span></span>
</td>
<td class="nump">47,583<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">411,299<span></span>
</td>
<td class="nump">545,684<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">223,945<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">20,336,079<span></span>
</td>
<td class="nump">692,255<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity60To89DaysMember', window );">60 to 89 days | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">115,425<span></span>
</td>
<td class="nump">62,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">115,425<span></span>
</td>
<td class="nump">60,383<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,085<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_Maturity90To119DaysMember', window );">90 to 119 days | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">1,807,751<span></span>
</td>
<td class="nump">1,471,644<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days | CRTs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days | Non-Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">362,623<span></span>
</td>
<td class="nump">332,040<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days | Residential Mortgage Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">1,445,128<span></span>
</td>
<td class="nump">1,139,604<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days | Agency Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis=nly_MaturityOver119DaysMember', window );">Over 119 days | Commercial Mortgage-Backed Securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems', window );"><strong>Repurchase Agreements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Repurchase Agreements, Maturity Greater Than One Year, Percentage</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_RepurchaseAgreementsMaturityGreaterThanOneYearPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 860<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481420/860-30-50-7<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(m)(1)(ii)(A))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset associated with funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 8<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-8<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-7<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after effect of master netting arrangement, of fund outstanding borrowed in form of security repurchase agreement for sale and repurchase of identical or substantially same security at date certain for specified price. Includes financial instrument subject to master netting arrangement not elected or qualified to offset. Excludes security sold under agreement to repurchase not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SECURED FINANCING - Summary of Gross Amounts, Amounts Offset and Net Amounts of Repurchase Agreement and Reverse Repurchase Agreement (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract', window );"><strong>Reverse Repurchase Agreements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross', window );">Gross amounts</a></td>
<td class="nump">$ 2,541,160<span></span>
</td>
<td class="nump">$ 2,613,088<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
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<td class="num">(2,541,160)<span></span>
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<td class="num">(2,613,088)<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement', window );">Netted amounts</a></td>
<td class="nump">0<span></span>
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<td class="nump">0<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureOfRepurchaseAgreementsAbstract', window );"><strong>Repurchase Agreements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross', window );">Gross amounts</a></td>
<td class="nump">64,200,620<span></span>
</td>
<td class="nump">68,302,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset', window );">Amounts offset</a></td>
<td class="num">(2,541,160)<span></span>
</td>
<td class="num">(2,613,088)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement', window );">Netted amounts</a></td>
<td class="nump">$ 61,659,460<span></span>
</td>
<td class="nump">$ 65,688,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfRepurchaseAgreementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfRepurchaseAgreementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuredDebtRepurchaseAndReverseRepurchaseAgreementsAndDollarRollsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before effects of master netting arrangements, of funds outstanding loaned in the form of a security resale agreement between the entity and another party for the purchase and resale of identical or substantially the same securities at a date certain for a specified price. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability associated with funds outstanding loaned in the form of a security resale agreement between the entity and another party for the purchase and resale of identical or substantially the same securities at a date certain for a specified price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 8<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-8<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset associated with funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 8<br> -SubTopic 20<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-8<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after effect of master netting arrangement, of fund outstanding loaned in form of security resale agreement for purchase and resale of identical or substantially same security at date certain for specified price. Includes financial instrument subject to master netting arrangement not elected or qualified to offset. Excludes security purchased under agreement to resell not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after effect of master netting arrangement, of fund outstanding borrowed in form of security repurchase agreement for sale and repurchase of identical or substantially same security at date certain for specified price. Includes financial instrument subject to master netting arrangement not elected or qualified to offset. Excludes security sold under agreement to repurchase not subject to master netting arrangement or similar agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CAPITAL STOCK - Schedule of Common Stock (Details) - $ / shares<br></strong></div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Shares authorized (in shares)</a></td>
<td class="nump">1,468,250,000<span></span>
</td>
<td class="nump">1,468,250,000<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Shares issued (in shares)</a></td>
<td class="nump">602,338,286<span></span>
</td>
<td class="nump">578,357,118<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Shares outstanding (in shares)</a></td>
<td class="nump">602,338,286<span></span>
</td>
<td class="nump">578,357,118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Par Value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CAPITAL STOCK - Narrative (Details) - USD ($)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Sep. 20, 2024</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Jan. 31, 2025</div></th>
<th class="th"><div>Jan. 31, 2022</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (USD per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPricePerShare', window );">Preferred stock, redemption price (in USD per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_PreferredStockMember', window );">Preferred stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramAuthorizedAmount1', window );">Authorized amount of stock available for repurchase (up to)</a></td>
<td class="nump">$ 1,600.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Stock repurchase program, number of shares authorized to be repurchased (in shares)</a></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Series F Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (USD per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Stock repurchase program, number of shares authorized to be repurchased (in shares)</a></td>
<td class="nump">28,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred stock dividend rate, percentage</a></td>
<td class="nump">6.95%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.95%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Series G Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (USD per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Stock repurchase program, number of shares authorized to be repurchased (in shares)</a></td>
<td class="nump">17,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred stock dividend rate, percentage</a></td>
<td class="nump">6.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember', window );">Series I</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (USD per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Stock repurchase program, number of shares authorized to be repurchased (in shares)</a></td>
<td class="nump">17,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred stock dividend rate, percentage</a></td>
<td class="nump">6.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=nly_AtthemarketSaleProgramMember', window );">At-the-market Sale Program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_SaleofStockOfferingPrice', window );">Aggregate stock offering price (up to)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Sale of stock, shares issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,300,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction', window );">Proceeds from sale of stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 495.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ShareRepurchaseProgramAxis=nly_ShareRepurchaseProgramMember', window );">Share Repurchase Program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramAuthorizedAmount1', window );">Authorized amount of stock available for repurchase (up to)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500.0<span></span>
</td>
<td class="nump">$ 1,500.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Shares repurchased (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_SaleofStockOfferingPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sale of Stock, Offering Price</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_SaleofStockOfferingPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StockRepurchaseProgramAuthorizedAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StockRepurchaseProgramAuthorizedAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.12-12A(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column A)(Footnote 4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The price per share at which the preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity is redeemed or may be called at. The redemption features of this preferred stock are solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-5<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash received on stock transaction after deduction of issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockConsiderationReceivedOnTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_PreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_PreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=nly_AtthemarketSaleProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=nly_AtthemarketSaleProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ShareRepurchaseProgramAxis=nly_ShareRepurchaseProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ShareRepurchaseProgramAxis=nly_ShareRepurchaseProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CAPITAL STOCK - Schedule of Preferred Stock (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Mar. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Shares Authorized (in shares)</a></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,500,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Shares Issued (in shares)</a></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Shares Outstanding (in shares)</a></td>
<td class="nump">63,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,500,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Carrying Value</a></td>
<td class="nump">$ 1,536,569<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,536,569<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Series F</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Shares Authorized (in shares)</a></td>
<td class="nump">28,800,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,800,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Shares Issued (in shares)</a></td>
<td class="nump">28,800,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,800,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Shares Outstanding (in shares)</a></td>
<td class="nump">28,800,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,800,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Carrying Value</a></td>
<td class="nump">$ 696,910<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 696,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Contractual Rate</a></td>
<td class="nump">6.95%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6.95%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PreferredStockDividendRatePercentageBasisSpread', window );">Floating Annual Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4.993%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Series G</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Shares Authorized (in shares)</a></td>
<td class="nump">17,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Shares Issued (in shares)</a></td>
<td class="nump">17,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Shares Outstanding (in shares)</a></td>
<td class="nump">17,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Carrying Value</a></td>
<td class="nump">$ 411,335<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 411,335<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Contractual Rate</a></td>
<td class="nump">6.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PreferredStockDividendRatePercentageBasisSpread', window );">Floating Annual Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4.172%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember', window );">Series I</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Shares Authorized (in shares)</a></td>
<td class="nump">17,700,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,700,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Shares Issued (in shares)</a></td>
<td class="nump">17,700,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,700,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Shares Outstanding (in shares)</a></td>
<td class="nump">17,700,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,700,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Carrying Value</a></td>
<td class="nump">$ 428,324<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 428,324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Contractual Rate</a></td>
<td class="nump">6.75%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6.75%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PreferredStockDividendRatePercentageBasisSpread', window );">Floating Annual Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4.989%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_RedeemablePreferredStockMember', window );">Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PreferredStockDividendRatePercentageBasisSpread', window );">Floating Annual Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0.26161%<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PreferredStockDividendRatePercentageBasisSpread">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Preferred Stock, Dividend Rate, Percentage, Basis Spread</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PreferredStockDividendRatePercentageBasisSpread</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types1:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.12-12A(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12(Column A)(Footnote 4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_RedeemablePreferredStockMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CAPITAL STOCK - Summary of Dividend Distribution Activity (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableLineItems', window );"><strong>Dividends Payable [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Dividends and dividend equivalents declared on common stock and share-based awards</a></td>
<td class="nump">$ 423,863<span></span>
</td>
<td class="nump">$ 326,872<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Distributions declared per common share (in dollars per share)</a></td>
<td class="nump">$ 0.70<span></span>
</td>
<td class="nump">$ 0.65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Distributions paid to common stockholders after period end</a></td>
<td class="nump">$ 421,637<span></span>
</td>
<td class="nump">$ 325,286<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Distributions paid per common share after period end (in dollars per share)</a></td>
<td class="nump">$ 0.70<span></span>
</td>
<td class="nump">$ 0.65<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Series F</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableLineItems', window );"><strong>Dividends Payable [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred dividends declared</a></td>
<td class="nump">$ 17,250<span></span>
</td>
<td class="nump">$ 19,085<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsPerShareDeclared', window );">Preferred series dividends declared (in dollars per share)</a></td>
<td class="nump">$ 0.599<span></span>
</td>
<td class="nump">$ 0.663<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Series G</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableLineItems', window );"><strong>Dividends Payable [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred dividends declared</a></td>
<td class="nump">$ 9,310<span></span>
</td>
<td class="nump">$ 10,509<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsPerShareDeclared', window );">Preferred series dividends declared (in dollars per share)</a></td>
<td class="nump">$ 0.548<span></span>
</td>
<td class="nump">$ 0.618<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember', window );">Series I</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableLineItems', window );"><strong>Dividends Payable [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred dividends declared</a></td>
<td class="nump">$ 10,597<span></span>
</td>
<td class="nump">$ 7,467<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsPerShareDeclared', window );">Preferred series dividends declared (in dollars per share)</a></td>
<td class="nump">$ 0.599<span></span>
</td>
<td class="nump">$ 0.422<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareCashPaid">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareCashPaid</td>
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<td>us-gaap_</td>
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<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of preferred stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nly_SeriesIPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestIncomeAbstract', window );"><strong>Interest income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestIncomeAgencySecurityLoans', window );">Agency securities</a></td>
<td class="nump">$ 820,182<span></span>
</td>
<td class="nump">$ 751,516<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures', window );">Residential credit securities</a></td>
<td class="nump">40,207<span></span>
</td>
<td class="nump">55,996<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestIncomeResidentialMortgageLoans', window );">Residential mortgage loans</a></td>
<td class="nump">426,055<span></span>
</td>
<td class="nump">252,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity', window );">Commercial investment portfolio</a></td>
<td class="nump">1,055<span></span>
</td>
<td class="nump">3,554<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell', window );">Reverse repurchase agreements</a></td>
<td class="nump">29,609<span></span>
</td>
<td class="nump">31,406<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Total interest income</a></td>
<td class="nump">1,317,108<span></span>
</td>
<td class="nump">1,094,488<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpenseAbstract', window );"><strong>Interest expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestPaidOnRepurchaseAgreements', window );">Repurchase agreements</a></td>
<td class="nump">760,783<span></span>
</td>
<td class="nump">897,598<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie', window );">Debt issued by securitization vehicles</a></td>
<td class="nump">283,592<span></span>
</td>
<td class="nump">161,017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_InterestExpenseParticipationSold', window );">Participations issued</a></td>
<td class="nump">27,044<span></span>
</td>
<td class="nump">20,251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase', window );">U.S. Treasury securities sold, not yet purchased</a></td>
<td class="nump">25,718<span></span>
</td>
<td class="nump">22,073<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Total interest expense</a></td>
<td class="nump">1,097,137<span></span>
</td>
<td class="nump">1,100,939<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Interest income</a></td>
<td class="nump">$ 219,971<span></span>
</td>
<td class="num">$ (6,451)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestExpenseParticipationSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest expense incurred during the reporting period on participation sold.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestExpenseParticipationSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestExpenseSecuritizedDebtOfConsolidatedVie">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest expense securitized debt of Consolidated VIE.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestExpenseSecuritizedDebtOfConsolidatedVie</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest Income [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestIncomeAgencySecurityLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest Income Agency Security Loans</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestIncomeAgencySecurityLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest income commercial real estate debt and preferred equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestIncomeCommercialRealEstateDebtAndPreferredEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest income residential mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents interest income, including any amortization and accretion (as applicable) of discounts and premiums, derived from securities backed by a pool of mortgages or trust deeds as well as agency debentures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest expense related to securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_InterestPaidOnRepurchaseAgreements</td>
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<td>nly_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseAbstract</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gross expenses on securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph a<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)<br> -Publisher SEC<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income (expense) classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeExpenseNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 39<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477346/946-830-45-39<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(1)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOperating</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest income derived from securities purchased under agreements to resell. The difference in the price at which the institution buys the securities and resells the securities represents interest for the use of the funds by the other party. Most repurchase and sale agreements involve obligations of the federal government or its agencies, but other financial instruments, such as commercial paper, banker's acceptances and negotiable certificates of deposits are sometimes used in such transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph a<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)<br> -Publisher SEC<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeSecuritiesPurchasedUnderAgreementsToResell</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET INCOME (LOSS) PER COMMON SHARE - Schedule of Net Income (Loss) per Share Reconciliation (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">$ 130,305<span></span>
</td>
<td class="nump">$ 465,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">124,224<span></span>
</td>
<td class="nump">462,892<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">37,157<span></span>
</td>
<td class="nump">37,061<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="nump">$ 87,067<span></span>
</td>
<td class="nump">$ 425,831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average shares of common stock outstanding-basic (in shares)</a></td>
<td class="nump">587,149,704<span></span>
</td>
<td class="nump">500,612,840<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Add: Effect of stock awards, if dilutive (in shares)</a></td>
<td class="nump">1,271,294<span></span>
</td>
<td class="nump">569,203<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average shares of common stock outstanding-diluted (in shares)</a></td>
<td class="nump">588,420,998<span></span>
</td>
<td class="nump">501,182,043<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_EarningsPerShareBasicAndDiluted1Abstract', window );"><strong>Net income (loss) per share available (related) to common share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic (in dollars per share)</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.85<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted (in dollars per share)</a></td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.85<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_EarningsPerShareBasicAndDiluted1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Earnings Per Share, Basic and Diluted1</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_EarningsPerShareBasicAndDiluted1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480454/718-10-45-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-22<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 23<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-28A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsAndOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NET INCOME (LOSS) PER COMMON SHARE - Narrative (Details) - shares<br> shares in Millions</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
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<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Options to purchase common stock (in shares)</a></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES - Narrative (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_IncomeTaxesLineItems', window );"><strong>Income Taxes:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit', window );">REIT Taxable income distributed</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued', window );">Unrecognized tax benefits, income tax penalties and interest accrued</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (benefit)</a></td>
<td class="nump">8,267,000<span></span>
</td>
<td class="num">$ (943,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNet', window );">Net deferred tax asset</a></td>
<td class="nump">72,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Net deferred tax liability</a></td>
<td class="nump">149,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Valuation allowance</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Net operating loss carryforwards</a></td>
<td class="nump">61,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration', window );">Operating loss carryforwards, subject to expiration</a></td>
<td class="nump">7,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration', window );">Operating loss carryforwards, not subject to expiration</a></td>
<td class="nump">53,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsCapitalLossCarryforwards', window );">Capital loss carryforwards</a></td>
<td class="nump">31,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=nly_TaxableREITSubsidiaryMember', window );">Taxable REIT Subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_IncomeTaxesLineItems', window );"><strong>Income Taxes:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (benefit)</a></td>
<td class="nump">$ 8,300,000<span></span>
</td>
<td class="num">$ (900,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income Taxes [Line Items]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_IncomeTaxesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of taxable income required to be distributed while operating as REIT.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsCapitalLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible capital loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsCapitalLossCarryforwards</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards that are not subject to expiration dates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards that are subject to expiration dates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences without jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized tax benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 217<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-10B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount accrued for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 217<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=nly_TaxableREITSubsidiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=nly_TaxableREITSubsidiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Current Tax Expense (Benefit)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Federal</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit', window );">State and local</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Total current income tax expense (benefit)</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Deferred Tax Expense (Benefit)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Federal</a></td>
<td class="nump">7,222<span></span>
</td>
<td class="num">(824)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit', window );">State and local</a></td>
<td class="nump">1,032<span></span>
</td>
<td class="num">(119)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Total deferred income tax expense (benefit)</a></td>
<td class="nump">8,254<span></span>
</td>
<td class="num">(943)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total income tax expense (benefit)</a></td>
<td class="nump">$ 8,267<span></span>
</td>
<td class="num">$ (943)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentFederalTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national tax expense (benefit) for non-US (United States of America) jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentFederalTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current state and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, deferred national tax expense (benefit) for non-US (United States of America) jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred state and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, deferred regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Statutory federal income tax rate</a></td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome', window );">Non-taxable REIT income</a></td>
<td class="num">(14.60%)<span></span>
</td>
<td class="num">(24.50%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes', window );">State and local taxes</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments', window );">VIE and Other</a></td>
<td class="num">(3.50%)<span></span>
</td>
<td class="nump">0.30%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Total provision</a></td>
<td class="nump">5.90%<span></span>
</td>
<td class="num">(0.20%)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.1.Q1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12A<br> -Subparagraph (a)(6)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Subparagraph (b)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state and local income tax expense (benefit), net of federal tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12A<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income (loss) exempt from income taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12A<br> -Subparagraph (b)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12A<br> -Subparagraph (a)(7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENTS - Narrative (Details)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2025 </div>
<div>segment</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NumberOfReportableSegments', window );">Number of reportable segments</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segments</a></td>
<td class="nump">3<span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 54<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfReportableSegments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENTS - Schedule of Segment Reporting (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><sup>[1]</sup></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">$ 1,317,108<span></span>
</td>
<td class="nump">$ 1,094,488<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">1,097,137<span></span>
</td>
<td class="nump">1,100,939<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">219,971<span></span>
</td>
<td class="num">(6,451)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">140,435<span></span>
</td>
<td class="nump">115,084<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">14,113<span></span>
</td>
<td class="nump">12,216<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">126,322<span></span>
</td>
<td class="nump">102,868<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (loss)</a></td>
<td class="num">(159,657)<span></span>
</td>
<td class="nump">406,384<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Less: Total general and administrative expenses</a></td>
<td class="nump">48,064<span></span>
</td>
<td class="nump">38,570<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="nump">138,572<span></span>
</td>
<td class="nump">464,231<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="nump">8,267<span></span>
</td>
<td class="num">(943)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">130,305<span></span>
</td>
<td class="nump">465,174<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income (loss) attributable to noncontrolling interest</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">124,224<span></span>
</td>
<td class="nump">462,892<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">37,157<span></span>
</td>
<td class="nump">37,061<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="nump">87,067<span></span>
</td>
<td class="nump">425,831<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">164,877<span></span>
</td>
<td class="num">(281,869)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">65,403<span></span>
</td>
<td class="nump">335,351<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="nump">53,482<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="nump">360,585<span></span>
</td>
<td class="nump">518,656<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="nump">354,504<span></span>
</td>
<td class="nump">516,374<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">2,523<span></span>
</td>
<td class="nump">941,366<span></span>
</td>
<td colspan="2" class="nump">$ 2,201,447<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">2,304,774<span></span>
</td>
<td class="nump">2,556,798<span></span>
</td>
<td colspan="2" class="nump">308,282<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="nump">53,482<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">421,637<span></span>
</td>
<td class="nump">325,286<span></span>
</td>
<td colspan="2" class="nump">375,932<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">105,115,346<span></span>
</td>
<td class="nump">91,483,546<span></span>
</td>
<td colspan="2" class="nump">$ 103,556,384<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember', window );">Operating Segments | Agency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">849,200<span></span>
</td>
<td class="nump">781,926<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">718,253<span></span>
</td>
<td class="nump">846,771<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">130,947<span></span>
</td>
<td class="num">(64,845)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (loss)</a></td>
<td class="num">(166,925)<span></span>
</td>
<td class="nump">300,952<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Less: Total general and administrative expenses</a></td>
<td class="nump">17,316<span></span>
</td>
<td class="nump">15,588<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="num">(53,294)<span></span>
</td>
<td class="nump">220,519<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="nump">290<span></span>
</td>
<td class="nump">607<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="num">(53,584)<span></span>
</td>
<td class="nump">219,912<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income (loss) attributable to noncontrolling interest</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="num">(53,584)<span></span>
</td>
<td class="nump">219,912<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="num">(53,584)<span></span>
</td>
<td class="nump">219,912<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">164,877<span></span>
</td>
<td class="num">(281,869)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">65,403<span></span>
</td>
<td class="nump">335,351<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="nump">53,482<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="nump">176,696<span></span>
</td>
<td class="nump">273,394<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="nump">176,696<span></span>
</td>
<td class="nump">273,394<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">2,306<span></span>
</td>
<td class="nump">907,634<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">2,220,276<span></span>
</td>
<td class="nump">2,430,956<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">230,280<span></span>
</td>
<td class="nump">53,482<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">70,429,198<span></span>
</td>
<td class="nump">66,485,685<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember', window );">Operating Segments | Resi-credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">466,853<span></span>
</td>
<td class="nump">309,008<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">378,174<span></span>
</td>
<td class="nump">251,862<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">88,679<span></span>
</td>
<td class="nump">57,146<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (loss)</a></td>
<td class="nump">12,090<span></span>
</td>
<td class="nump">105,366<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Less: Total general and administrative expenses</a></td>
<td class="nump">15,506<span></span>
</td>
<td class="nump">12,674<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="nump">85,263<span></span>
</td>
<td class="nump">149,838<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="num">(524)<span></span>
</td>
<td class="num">(1,679)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">85,787<span></span>
</td>
<td class="nump">151,517<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income (loss) attributable to noncontrolling interest</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">79,706<span></span>
</td>
<td class="nump">149,235<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="nump">79,706<span></span>
</td>
<td class="nump">149,235<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="nump">85,787<span></span>
</td>
<td class="nump">151,517<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">6,081<span></span>
</td>
<td class="nump">2,282<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="nump">79,706<span></span>
</td>
<td class="nump">149,235<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">30,678,639<span></span>
</td>
<td class="nump">21,525,612<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember', window );">Operating Segments | MSR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">140,435<span></span>
</td>
<td class="nump">115,084<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">14,113<span></span>
</td>
<td class="nump">12,216<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">126,322<span></span>
</td>
<td class="nump">102,868<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (loss)</a></td>
<td class="num">(2,961)<span></span>
</td>
<td class="num">(870)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Less: Total general and administrative expenses</a></td>
<td class="nump">9,393<span></span>
</td>
<td class="nump">8,594<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="nump">113,968<span></span>
</td>
<td class="nump">93,404<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="nump">8,510<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="nump">105,458<span></span>
</td>
<td class="nump">93,255<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income (loss) attributable to noncontrolling interest</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="nump">105,458<span></span>
</td>
<td class="nump">93,255<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="nump">105,458<span></span>
</td>
<td class="nump">93,255<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="nump">105,458<span></span>
</td>
<td class="nump">93,255<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="nump">105,458<span></span>
</td>
<td class="nump">93,255<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">217<span></span>
</td>
<td class="nump">28,732<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">84,498<span></span>
</td>
<td class="nump">125,842<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">3,849,181<span></span>
</td>
<td class="nump">3,209,074<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidationItemsAxis=nly_CorporateAndReconcilingItemsMember', window );">Corporate &amp; Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
<td class="nump">1,055<span></span>
</td>
<td class="nump">3,554<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">710<span></span>
</td>
<td class="nump">2,306<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">345<span></span>
</td>
<td class="nump">1,248<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing', window );">Servicing and related income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ServicingAndRelatedExpense', window );">Servicing and related expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetServicingIncome', window );">Net servicing income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other income (loss)</a></td>
<td class="num">(1,861)<span></span>
</td>
<td class="nump">936<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Less: Total general and administrative expenses</a></td>
<td class="nump">5,849<span></span>
</td>
<td class="nump">1,714<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="num">(7,365)<span></span>
</td>
<td class="nump">470<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
<td class="num">(9)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="num">(7,356)<span></span>
</td>
<td class="nump">490<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income (loss) attributable to noncontrolling interest</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributable to Annaly</a></td>
<td class="num">(7,356)<span></span>
</td>
<td class="nump">490<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividends on preferred stock</a></td>
<td class="nump">37,157<span></span>
</td>
<td class="nump">37,061<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) available (related) to common stockholders</a></td>
<td class="num">(44,513)<span></span>
</td>
<td class="num">(36,571)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gains (losses) on available-for-sale securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax', window );">Reclassification adjustment for net (gains) losses included in net income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income (loss)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income (loss)</a></td>
<td class="num">(7,356)<span></span>
</td>
<td class="nump">490<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income (loss) attributable to noncontrolling interests</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income (loss) attributable to Annaly</a></td>
<td class="num">(7,356)<span></span>
</td>
<td class="nump">490<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_ReceivableForInvestmentSecuritiesSold', window );">Receivable for unsettled trades</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_PayableForInvestmentSecuritiesPurchased', window );">Payable for unsettled trades</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment', window );">Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends declared, not yet paid</a></td>
<td class="nump">421,637<span></span>
</td>
<td class="nump">325,286<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">$ 158,328<span></span>
</td>
<td class="nump">$ 263,175<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><div style="margin-top:2pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.94pt">Derived from the audited consolidated financial statements at December 31, 2024.</span></div></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net change amount in unrealized (loss) gain on available-for-sale securities and interest rate swaps, net of reclassification adjustment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NetServicingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net servicing income less servicing expense</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NetServicingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_PayableForInvestmentSecuritiesPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_PayableForInvestmentSecuritiesPurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ReceivableForInvestmentSecuritiesSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount receivable for Agency Mortgage-Backed Securities, Agency debentures and corporate debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ReceivableForInvestmentSecuritiesSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_ServicingAndRelatedExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Servicing and Related Expense</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_ServicingAndRelatedExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(26))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -SubTopic 10<br> -Topic 810<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-21<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-19<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissionsMortgageBankingAndServicing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income from mortgage banking activities (fees and commissions) and servicing real estate mortgages, credit cards, and other financial assets held by others net of any related impairment of capitalized service costs. Also includes any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)<br> -Publisher SEC<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1402<br> -Paragraph b<br> -Subparagraph (1)(Instruction 3)<br> -Publisher SEC<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FeesAndCommissionsMortgageBankingAndServicing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income (expense) classified as operating.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1)(e))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 39<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477346/946-830-45-39<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(1)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOperating</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-17<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-4<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-5<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482739/220-10-55-15<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -SubTopic 10<br> -Topic 220<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-15<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-17A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 320<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsAndOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsAndOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingInformationLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=nly_AgencySegmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=nly_ResidentialCreditSegmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
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<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=nly_MortgageServicingRightsSegmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidationItemsAxis=nly_CorporateAndReconcilingItemsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LEASE COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2025</div></th>
<th class="th"><div>Mar. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
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<td class="nump">$ 1.1<span></span>
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</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LossContingencyAccrualAtCarryingValue', window );">Material contingencies</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm', window );">Remaining lease term (in years)</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm', window );">Remaining lease term (in years)</a></td>
<td class="text">17 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeLeaseDescriptionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeLeaseDescriptionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseRemainingLeaseTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Remaining lease term of operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseRemainingLeaseTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseRenewalTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Term of lessee's operating lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseRenewalTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyAccrualAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of loss contingency liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 450<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483076/450-20-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef<br> -Topic 450<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483076/450-20-50-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyAccrualAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LEASE COMMITMENTS AND CONTINGENCIES - Supplemental Information Regarding Leases (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Operating lease right-of-use assets</a></td>
<td class="nump">$ 27,523<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList', window );">Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]</a></td>
<td class="text">Other assets<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiability', window );">Operating lease liabilities</a></td>
<td class="nump">$ 28,106<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList', window );">Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]</a></td>
<td class="text">Other Liabilities<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1', window );">Weighted average remaining lease term</a></td>
<td class="text">16 years 9 months 18 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent', window );">Weighted average discount rate</a></td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeasePayments', window );">Operating cash flows from operating leases</a></td>
<td class="nump">$ 1,028<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates line item in statement of financial position that includes operating lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>enum2:enumerationSetItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasePayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's right to use underlying asset under operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseRightOfUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates line item in statement of financial position that includes operating lease right-of-use asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>enum2:enumerationSetItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average discount rate for operating lease calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(4)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>LEASE COMMITMENTS AND CONTINGENCIES - Details of Future Lease Payments (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear', window );">2025 (remaining)</a></td>
<td class="nump">$ 2,121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths', window );">2026</a></td>
<td class="nump">261<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo', window );">2027</a></td>
<td class="nump">2,503<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree', window );">2028</a></td>
<td class="nump">3,854<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour', window );">2029</a></td>
<td class="nump">3,831<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour', window );">Later years</a></td>
<td class="nump">52,041<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue', window );">Total lease payments</a></td>
<td class="nump">64,611<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount', window );">Less imputed interest</a></td>
<td class="nump">36,505<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiability', window );">Present value of lease liabilities</a></td>
<td class="nump">$ 28,106<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Lessee, Operating Lease, Liability, to be Paid, after Year Four</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease having initial or remaining lease term in excess of one year to be paid in remainder of current fiscal year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Details) - Subsequent Event<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr><th class="th">
<div>Apr. 30, 2025 </div>
<div>USD ($) </div>
<div>securitization</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_NumberOfClosedSecuritizations', window );">Number of closed securitizations | securitization</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Residential mortgage loans | Line of Credit</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease', window );">Line of credit facility, maximum borrowing capacity, increase</a></td>
<td class="nump">$ 100.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM6Member', window );">OBX 2025-NQM6</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized', window );">Residential mortgage loan, face value</a></td>
<td class="nump">553.2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM7Member', window );">OBX 2025-NQM7</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized', window );">Residential mortgage loan, face value</a></td>
<td class="nump">$ 572.4<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line of Credit Facility, Maximum Borrowing Capacity, Increase</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_LineOfCreditFacilityMaximumBorrowingCapacityIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nly_NumberOfClosedSecuritizations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number Of Closed Securitizations</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nly_NumberOfClosedSecuritizations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nly_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is the principal amount outstanding for securitized loans only (across all types of loans).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Subparagraph (a)<br> -Paragraph 4<br> -SubTopic 20<br> -Topic 860<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrincipalAmountOutstandingOnLoansSecuritized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481674/830-30-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=nly_ResidentialMortgageLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=nly_ResidentialMortgageLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=nly_OBX2025NQM7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>126
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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    <nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment contextRef="c-17" decimals="-3" id="f-349" unitRef="usd">53482000</nly:NetChangeInUnrealizedGainLossOnAvailableforsaleSecuritiesAndInterestRateSwapsNetOfReclassificationAdjustment>
    <us-gaap:DividendsPayableCurrentAndNoncurrent contextRef="c-7" decimals="-3" id="f-350" unitRef="usd">421637000</us-gaap:DividendsPayableCurrentAndNoncurrent>
    <us-gaap:DividendsPayableCurrentAndNoncurrent contextRef="c-54" decimals="-3" id="f-351" unitRef="usd">325286000</us-gaap:DividendsPayableCurrentAndNoncurrent>
    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="c-1" id="f-352">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;1. DESCRIPTION OF BUSINESS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Annaly Capital Management, Inc. (the &#x201c;Company&#x201d; or &#x201c;Annaly&#x201d;) is a Maryland corporation that commenced operations on February 18, 1997.&#160;The Company is a leading diversified capital manager with investment strategies across mortgage finance. The Company owns a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations, credit risk transfer (&#x201c;CRT&#x201d;) securities, other securities representing interests in or obligations backed by pools of mortgage loans, residential mortgage loans and mortgage servicing rights (&#x201c;MSR&#x201d;). The Company&#x2019;s principal business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Annaly is an internally-managed company that has elected to be taxed as a Real Estate Investment Trust (&#x201c;REIT&#x201d;) as defined under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the &#x201c;Code&#x201d;).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s three investment groups are primarily comprised of the following:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.087%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:65.713%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Investment Groups&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Description&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Agency Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests in Agency mortgage-backed securities (&#x201c;MBS&#x201d;) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Residential Credit Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Mortgage Servicing Rights Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests in mortgage servicing rights (&#x201c;MSR&#x201d;), which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <nly:ScheduleOfInvestmentGroupsTableTextBlock contextRef="c-1" id="f-353">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s three investment groups are primarily comprised of the following:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.087%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:65.713%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Investment Groups&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Description&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Agency Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests in Agency mortgage-backed securities (&#x201c;MBS&#x201d;) collateralized by residential mortgages which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae and complementary investments within the Agency market, including Agency commercial MBS.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Residential Credit Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests primarily in non-Agency residential whole loans and securitized products within the residential and commercial markets.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Annaly Mortgage Servicing Rights Group&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Invests in mortgage servicing rights (&#x201c;MSR&#x201d;), which provide the right to service residential mortgage loans in exchange for a portion of the interest payments made on the loans.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfInvestmentGroupsTableTextBlock>
    <nly:NumberOfInvestmentGroups
      contextRef="c-7"
      decimals="INF"
      id="f-354"
      unitRef="investmentgroup">3</nly:NumberOfInvestmentGroups>
    <us-gaap:BasisOfAccounting contextRef="c-1" id="f-355">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;2. BASIS OF PRESENTATION&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;). &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The accompanying consolidated financial statements and related notes are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company&#x2019;s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the &#x201c;2024 Form 10-K&#x201d;). The consolidated financial information as of December 31, 2024 has been derived from audited consolidated financial statements included in the Company&#x2019;s 2024 Form 10-K.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported balance sheet amounts and/or disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information. Interim period operating results may not be indicative of the operating results for a full year.&lt;/span&gt;&lt;/div&gt;</us-gaap:BasisOfAccounting>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c-1" id="f-356">The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;).</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c-1" id="f-357">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;3. SIGNIFICANT ACCOUNTING POLICIES&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s significant accounting policies are described below or are included elsewhere in these notes to the consolidated financial statements.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Principles of Consolidation&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (&#x201c;VOE&#x201d;) or a variable interest entity (&#x201c;VIE&#x201d;). All intercompany balances and transactions have been eliminated in consolidation.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Voting Interest Entities &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;&#x2013; A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Variable Interest Entities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE&#x2019;s &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company&#x2019;s involvement with a VIE causes the Company&#x2019;s consolidation conclusion to change. Refer to the &#x201c;Variable Interest Entities&#x201d; Note for further information.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Equity Method Investments&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; - For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Cash and Cash Equivalents &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value. Cash and securities deposited with clearing organizations and collateral held in the form of cash on margin with counterparties to the Company&#x2019;s interest rate swaps and other derivatives totaled $1.5 billion and $1.2&#160;billion at March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Fair Value Measurements and the Fair Value Option&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (&#x201c;FVO&#x201d;). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the &#x201c;Financial Instruments&#x201d; Note. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Fair Value Measurements&#x201d; Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Offsetting Assets and Liabilities - &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company elected to present all derivative instruments on a gross basis as discussed in the &#x201c;Derivative Instruments&#x201d; Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the &#x201c;Secured Financing&#x201d;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Note for further discussion on reverse repurchase and repurchase agreements.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Derivative Instruments &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#x2019;s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the &#x201c;Derivative Instruments&#x201d; Note for further discussion.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Stock-Based Compensation&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company&#x2019;s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date.&#160;Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Interest Income - &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company recognizes interest income primarily on Residential Securities (as defined in the &#x201c;Securities&#x201d; Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#x2019;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms.  If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;If collection of a loan&#x2019;s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company has made an accounting policy election not to measure an allowance for loans losses for accrued interest receivable. If interest receivable is deemed to be uncollectible or not collected within 90 days of its contractual due date for commercial loans carried at amortized cost, it is written off through a reversal of interest income. Any interest written off that is recovered is recognized as interest income.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Interest Income and Interest Expense&#x201d; Note for further discussion of interest income.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Income Taxes&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto.&#160;As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders.&#160;The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (&#x201c;TRSs&#x201d;). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the &#x201c;Income Taxes&#x201d; Note for further discussion on income taxes.&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"&gt;Recent Accounting Pronouncements&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company considers the applicability and impact of all Accounting Standard Updates (&#x201c;ASUs&#x201d;). The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company&#x2019;s consolidated financial statements when adopted or did not have a significant impact on the Company&#x2019;s consolidated financial statements upon adoption.&lt;/span&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="c-1" id="f-358">The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. In order to determine whether the Company has a controlling financial interest, it first evaluates whether an entity is a voting interest entity (&#x201c;VOE&#x201d;) or a variable interest entity (&#x201c;VIE&#x201d;). All intercompany balances and transactions have been eliminated in consolidation.</us-gaap:ConsolidationPolicyTextBlock>
    <nly:ConsolidationVotingInterestEntityPolicyPolicyTextBlock contextRef="c-1" id="f-359">A VOE is an entity that has sufficient equity and in which equity investors have a controlling financial interest. The Company consolidates VOEs where it has a majority of the voting equity of such VOE.</nly:ConsolidationVotingInterestEntityPolicyPolicyTextBlock>
    <us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="c-1" id="f-360">A VIE is defined as an entity in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that has both (i) the power to control the activities that most significantly impact the VIE&#x2019;s &lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company&#x2019;s involvement with a VIE causes the Company&#x2019;s consolidation conclusion to change. Refer to the &#x201c;Variable Interest Entities&#x201d; Note for further information.&lt;/span&gt;&lt;/div&gt;</us-gaap:ConsolidationVariableInterestEntityPolicy>
    <us-gaap:EquityMethodInvestmentsPolicy contextRef="c-1" id="f-361">For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of joint ventures accounted for under the equity method. These investments are included in Other assets with income or loss included in Other, net.</us-gaap:EquityMethodInvestmentsPolicy>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c-1" id="f-362">Cash and cash equivalents include cash on hand, cash held in money market funds on an overnight basis and cash pledged as collateral with counterparties. Cash deposited with clearing organizations is carried at cost, which approximates fair value.</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:MarginDepositAssets contextRef="c-56" decimals="-8" id="f-363" unitRef="usd">1500000000</us-gaap:MarginDepositAssets>
    <us-gaap:MarginDepositAssets contextRef="c-57" decimals="-8" id="f-364" unitRef="usd">1200000000</us-gaap:MarginDepositAssets>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c-1" id="f-365">The Company reports various investments at fair value, including certain eligible financial instruments elected to be accounted for under the fair value option (&#x201c;FVO&#x201d;). The Company chooses to elect the FVO in order to simplify the accounting treatment for certain financial instruments. Items for which the FVO has been elected are presented at fair value in the Consolidated Statements of Financial Condition and any change in fair value is recorded in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). For additional information regarding financial instruments for which the Company has elected the FVO refer to the table in the &#x201c;Financial Instruments&#x201d; Note. &lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Fair Value Measurements&#x201d; Note for a complete discussion on the methodology utilized by the Company to estimate the fair value of certain financial instruments. &lt;/span&gt;&lt;/div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. &lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level&#160;1) and the lowest priority to unobservable inputs (Level&#160;3).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 1 &#x2013; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 2 &#x2013; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 3 &#x2013; inputs to the valuation methodology are unobservable and significant to overall fair value.&lt;/span&gt;&lt;/div&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:DerivativesOffsettingFairValueAmountsPolicy contextRef="c-1" id="f-366">&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company elected to present all derivative instruments on a gross basis as discussed in the &#x201c;Derivative Instruments&#x201d; Note. Reverse repurchase and repurchase agreements are presented net in the Consolidated Statements of Financial Condition if they meet the offsetting criteria. Refer to the &#x201c;Secured Financing&#x201d;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Note for further discussion on reverse repurchase and repurchase agreements.&lt;/span&gt;</us-gaap:DerivativesOffsettingFairValueAmountsPolicy>
    <us-gaap:DerivativesPolicyTextBlock contextRef="c-1" id="f-367">Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#x2019;s derivative transactions have been designated as hedging instruments for accounting purposes. Refer to the &#x201c;Derivative Instruments&#x201d; Note for further discussion.&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (&#x201c;swaptions&#x201d;), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;) futures contracts and certain forward purchase commitments.&#160;The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps.&#160;&lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In connection with the Company&#x2019;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (&#x201c;MAC&#x201d;) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.&lt;/span&gt;&lt;span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#x2019;s derivative transactions have been designated as hedging instruments for accounting purposes.&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Interest Rate Swap Agreements &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Interest rate swap agreements are the primary instruments used to mitigate interest rate risk.&#160; In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (&#x201c;DCO&#x201d;). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO&#x2019;s market values. If an interest rate swap is terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Swaptions &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates.&#160; Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future.&#160;The Company&#x2019;s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;TBA Dollar Rolls &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Futures Contracts&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance.&#160;The Company maintains margin accounts which are settled daily with Futures Commission Merchants (&#x201c;FCMs&#x201d;). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Forward Purchase Commitments&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a &#x201c;best efforts&#x201d; basis. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Credit Derivatives &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; The Company may enter into credit derivatives referencing a commercial mortgage-backed securities index, such as the CMBX index, and synthetic total return swaps.&lt;/span&gt;&lt;/div&gt;</us-gaap:DerivativesPolicyTextBlock>
    <us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="c-1" id="f-368">The Company measures compensation expense for stock-based awards at fair value, which is generally based on the grant-date fair value of the Company&#x2019;s common stock. Compensation expense is recognized ratably over the vesting or requisite service period of the award. Stock-based awards that contain market-based conditions are valued using a model. &lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date.&#160;Compensation expense for awards with market conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. Stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures are recorded when they occur. The Company generally issues new shares of common stock upon delivery of stock-based awards.&lt;/span&gt;&lt;/div&gt;</us-gaap:CompensationRelatedCostsPolicyTextBlock>
    <us-gaap:RevenueRecognitionInterest contextRef="c-1" id="f-369">&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company recognizes interest income primarily on Residential Securities (as defined in the &#x201c;Securities&#x201d; Note), residential mortgage loans, commercial investments and reverse repurchase agreements. Interest accrued but not received is recognized as Interest receivable in the Consolidated Statements of Financial Condition. Interest income is presented as a separate line item in the Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;For its securities, the Company recognizes coupon income, which is a component of interest income, based upon the outstanding principal amounts of the financial instruments and their contractual terms. In addition, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security&#x2019;s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date, which results in a cumulative premium amortization adjustment in each period. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums or discounts associated with the purchase of Agency interest-only securities, reverse mortgages and residential credit securities are amortized or accreted into interest income based upon current expected future cash flows with any adjustment to yield made on a prospective basis.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums or discounts associated with the purchase of multifamily securities are amortized or accreted into interest income based upon their contractual payment terms.  If a prepayment occurs, an adjustment is made to the unpaid principal balance and unamortized premium or discount in the current period and the original effective yield continues to be applied.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Premiums and discounts associated with the purchase of residential mortgage loans and with those transferred or pledged to securitization trusts are primarily amortized or accreted into interest income over their estimated remaining lives using the effective interest rates inherent in the estimated cash flows from the mortgage loans. Amortization of premiums and accretion of discounts are presented in Interest income in the Consolidated Statements of Comprehensive Income (Loss). &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;If collection of a loan&#x2019;s principal or interest is in doubt or the loan is 90 days or more past due, interest income is not accrued. For nonaccrual status loans carried at fair value or held for sale, interest is not accrued but is recognized on a cash basis. For nonaccrual status loans carried at amortized cost, if collection of principal is not in doubt but collection of interest is in doubt, interest income is recognized on a cash basis. If collection of principal is in doubt, any interest received is applied against principal until collectability of the remaining balance is no longer in doubt; at that point, any interest income is recognized on a cash basis. Generally, a loan is returned to accrual status when the borrower has resumed paying the full amount of the scheduled contractual obligation, if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time and there is a sustained period of repayment performance by the borrower.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company has made an accounting policy election not to measure an allowance for loans losses for accrued interest receivable. If interest receivable is deemed to be uncollectible or not collected within 90 days of its contractual due date for commercial loans carried at amortized cost, it is written off through a reversal of interest income. Any interest written off that is recovered is recognized as interest income.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Interest Income and Interest Expense&#x201d; Note for further discussion of interest income.&lt;/span&gt;&lt;/div&gt;</us-gaap:RevenueRecognitionInterest>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="c-1" id="f-370">The Company has elected to be taxed as a REIT and intends to comply with the provisions of the Code, with respect thereto.&#160;As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders.&#160;The Company and certain of its direct and indirect subsidiaries have made separate joint elections to treat these subsidiaries as taxable REIT subsidiaries (&#x201c;TRSs&#x201d;). As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. Refer to the &#x201c;Income Taxes&#x201d; Note for further discussion on income taxes.</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c-1" id="f-371">The Company reviewed recently issued ASUs and determined that they were not expected to have a significant impact on the Company&#x2019;s consolidated financial statements when adopted or did not have a significant impact on the Company&#x2019;s consolidated financial statements upon adoption.</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="c-1" id="f-372">&lt;div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;4. FINANCIAL INSTRUMENTS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents characteristics for certain of the Company&#x2019;s financial instruments at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.837%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.572%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.425%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.880%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.824%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.762%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Balance Sheet Line Item&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Type / Form&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Measurement Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,668,927&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,234,911&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;60,660,793&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;59,199,157&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial real estate debt investments - CMBS&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,756,447&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans, net&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amortized cost&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other secured financing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amortized cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes Agency pass-through, collateralized mortgage obligation (&#x201c;CMO&#x201d;) and multifamily securities purchased prior to July 1, 2022.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly purchased Agency pass-through, CMO and multifamily securities.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FinancialInstrumentsDisclosureTextBlock>
    <us-gaap:TradingSecuritiesAndCertainTradingAssetsTextBlock contextRef="c-1" id="f-373">&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents characteristics for certain of the Company&#x2019;s financial instruments at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.837%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.572%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.425%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.880%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.824%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.762%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Balance Sheet Line Item&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Type / Form&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Measurement Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through other comprehensive income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,668,927&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,234,911&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;60,660,793&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;59,199,157&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial real estate debt investments - CMBS&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,756,447&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans, net&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amortized cost&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other secured financing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amortized cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, with unrealized gains (losses) through earnings&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Receivable for unsettled trades, Principal and interest receivable, Payable for unsettled trades, Interest payable and Dividends payable are accounted for at cost.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes Agency pass-through, collateralized mortgage obligation (&#x201c;CMO&#x201d;) and multifamily securities purchased prior to July 1, 2022.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes interest-only securities and reverse mortgages and, effective July 1, 2022, newly 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    <us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock contextRef="c-1" id="f-400">&lt;div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;5. SECURITIES&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s investments in securities include agency, credit risk transfer, non-agency and commercial mortgage-backed securities. All of the debt securities are classified as available-for-sale. Available-for-sale debt securities are carried at fair value, with changes in fair value recognized in other comprehensive income, unless the fair value option is elected in which case changes in fair value are recognized in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). Effective July 1, 2022, the Company elected the fair value option for any newly purchased Agency mortgage-backed securities in order to simplify the accounting for these securities. During the three months ended March 31, 2025 and 2024, $901.6 million and ($674.0) million, respectively, of unrealized gains (losses) on the Agency mortgage-backed securities, for which the fair value option was elected, were reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).&#160;Agency mortgage-backed securities purchased prior to July 1, 2022, are still classified as available-for-sale with changes in fair value recognized in other comprehensive income. The Company has also elected the fair value option for CRT securities, interest only securities, Non-Agency and commercial mortgage-backed securities in order to simplify the accounting. Transactions for regular-way securities are recorded on trade date, including to-be-announced  (&#x201c;TBA&#x201d;) securities that meet the regular-way securities scope exception from derivative accounting. Gains and losses on disposals of securities are recorded on trade date based on the specific identification method.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Impairment&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; Management evaluates available-for-sale securities where the fair value option has not been elected and held-to-maturity debt securities for impairment at least quarterly, and more frequently when economic or market conditions warrant such evaluation.&#160;When the fair value of an available-for-sale security is less than its amortized cost, the security is considered impaired. For securities that are impaired, the Company determines if it (1) has the intent to sell the security, (2) is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, or (3) does not expect to recover the entire amortized cost basis of the security.&#160;Further, the security is analyzed for credit loss (the difference between the present value of cash flows expected to be collected and the amortized cost basis). The credit loss, if any, will then be &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;recognized in the Consolidated Statements of Comprehensive Income (Loss) as a securities loss provision and reflected as an allowance for credit losses on securities in the Consolidated Statements of Financial Condition, while the balance of losses related to other factors will be recognized as a component of Other comprehensive income (loss). When the fair value of a held-to-maturity security is less than the cost, the Company performs an analysis to determine whether it expects to recover the entire cost basis of the security.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Agency Mortgage-Backed Securities &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"&gt;- &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company invests in mortgage pass-through certificates, collateralized mortgage obligations and other MBS representing interests in or obligations backed by pools of residential or multifamily mortgage loans and certificates. Many of the underlying loans and certificates are guaranteed by the Government National Mortgage Association (&#x201c;Ginnie Mae&#x201d;), the Federal Home Loan Mortgage Corporation (&#x201c;Freddie Mac&#x201d;) or the Federal National Mortgage Association (&#x201c;Fannie Mae&#x201d;) (collectively, &#x201c;Agency mortgage-backed securities&#x201d;).&#160; &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Agency mortgage-backed securities may include forward contracts for Agency mortgage-backed securities purchases or sales of a generic pool, on a to-be-announced basis. TBA securities without intent to accept delivery (&#x201c;TBA derivatives&#x201d;) are accounted for as derivatives as discussed in the &#x201c;Derivative Instruments&#x201d; Note. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;CRT Securities - &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;CRT securities are risk sharing instruments issued by Fannie Mae and Freddie Mac, and similarly structured transactions arranged by third party market participants. CRT securities are designed to synthetically transfer mortgage credit risk from Fannie Mae and Freddie Mac to private investors. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Non-Agency Mortgage-Backed Securities &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"&gt;- &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company invests in non-Agency mortgage-backed securities such as those issued in prime loan, prime jumbo loan, Alt-A loan, subprime loan, non-performing loan (&#x201c;NPL&#x201d;) and re-performing loan (&#x201c;RPL&#x201d;) securitizations. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Agency mortgage-backed securities, non-Agency mortgage-backed securities and residential CRT securities are referred to herein as &#x201c;Residential Securities.&#x201d; Although the Company generally intends to hold most of its Residential Securities until maturity, it may, from time to time, sell any of its Residential Securities as part of the overall management of its portfolio.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Commercial Mortgage-Backed Securities (&#x201c;Commercial Securities&#x201d;) - &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company invests in Commercial Securities such as conduit, credit CMBS, single-asset single borrower and collateralized loan obligations.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table represents a rollforward of the activity for the Company&#x2019;s securities for the three months ended March 31, 2025:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.190%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.297%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.449%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.449%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.300%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency &lt;br/&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Credit Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial &lt;br/&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,434,068&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,248,101&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;74,278&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;69,756,447&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,263,002&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;101,318&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,364,320&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sales&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,967,149)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(214,381)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(12,886)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,194,416)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Principal paydowns&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,516,963)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(152,573)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,283)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,671,819)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(Amortization) / accretion&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(56,057)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(17)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(57,430)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,172,819&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,526)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(31)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,164,262&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,972,583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the Company&#x2019;s securities portfolio that were carried at their fair value at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:24.744%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.738%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.889%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Principal /&lt;br/&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Premium&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Discount&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,549,014&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,258,704&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,191,086)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,616,632&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;356,094&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,418,833)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;63,553,893&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;137,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,972&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(40)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;146,089&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,949&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(6,641)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;141,397&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,886&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,418&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,304&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(13,496)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;73,808&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,757,295&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;545,553&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;545,553&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,256&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(105,328)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;469,481&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,947,936&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;544,756&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,058)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,085,912&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,207&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(49,245)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,065,874&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,234&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,279&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;26,513&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,246)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total agency securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;98,501,522&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,361,682&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,199,184)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;69,508,003&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;416,506&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,594,789)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;492,296&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,493&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,385)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;490,404&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,751&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(96)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;204,309&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;34&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,062)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;202,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,969&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,696)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;197,554&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,867,436&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,175&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(10,084)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;44,362&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,035&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(700)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;46,697&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;247,047&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(29,638)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;217,421&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,488&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,207)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;216,702&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;832,022&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,304&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,691)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;831,635&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,266&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,626)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;830,275&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo (&amp;gt;=2010 vintage) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,692,985&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,262&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(30,144)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;146,838&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,726&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,268)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;160,296&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,336,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;119,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(80,004)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,932,941&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,235&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(24,593)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,972,583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;112,837,617&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,480,962&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,279,188)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,440,944&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;480,741&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,619,382)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,302,303&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,015&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;144&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,159&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(98)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;112,896,632&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,481,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,279,188)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,500,103&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;480,741&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,619,480)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="42" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Principal /&lt;br/&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Premium&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Discount&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,010,762&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,329,117&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,178,444)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,161,435&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;130,742&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,242,503)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,049,674&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;157,123&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11,936&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(42)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;169,017&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,995)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;162,238&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;87,467&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,459&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;88,926&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(15,242)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;73,684&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,437,570&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;493,803&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;493,803&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,843&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(127,914)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;380,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;26,216,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;514,726&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(11,830)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,844,575&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,644&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(110,454)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,741,765&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;24,916&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,499&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;27,415&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,440)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;25,975&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total agency investments&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;94,934,189&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,353,540&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,190,316)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,785,171&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;155,445&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,506,548)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;707,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,608&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(3,581)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;705,196&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;49,819&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(100)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;172,368&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,724)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;170,679&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,694&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,481)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;164,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,824,609&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;27,484&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(10,228)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;43,725&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(667)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;45,790&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;280,820&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(30,081)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;250,751&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,325&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(11,493)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;245,583&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;882,547&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,540&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(3,762)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;883,325&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,630&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,347)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;878,608&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo (&amp;gt;=2010 vintage) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10,334,669&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;84,431&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(30,385)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;146,285&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;17,072&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(5,044)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;158,313&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,202,182&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;118,110&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(79,761)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,199,961&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;80,272&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(32,132)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,248,101&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;109,136,371&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,471,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,270,077)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;71,985,132&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;235,717&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,538,680)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,682,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,151&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;193&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,344&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;38&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(104)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;109,210,522&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,471,843&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,270,077)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;72,059,476&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;235,755&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,538,784)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,756,447&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="42" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $26.4&#160;billion and $22.9&#160;billion of Agency Multifamily interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $1.8&#160;billion and $1.8&#160;billion of Prime interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $10.6&#160;billion and $10.2&#160;billion of Prime Jumbo interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the Company&#x2019;s Agency mortgage-backed securities portfolio by issuing Agency at March 31, 2025 and December 31, 2024:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.602%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.625%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.094%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.684%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.097%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Investment Type&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fannie Mae&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;63,937,187&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,211,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Freddie Mac&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,243,501&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,115,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Ginnie Mae&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;149,032&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;107,466&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Actual maturities of the Company&#x2019;s Residential Securities are generally shorter than stated contractual maturities because actual maturities of the portfolio are affected by periodic payments and prepayments of principal on the underlying mortgages.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the Company&#x2019;s Residential Securities at March 31, 2025 and December 31, 2024, according to their estimated weighted average life classifications:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.479%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.525%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.842%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated weighted average life&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less than one year&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;369,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;369,373&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;407,856&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;408,090&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than one year through five years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,747,308&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,581&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,308,898&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,325,093&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than five years through ten years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;66,096,901&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,235,550&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,027,670&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,242,391&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than ten years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,088,691&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,087,440&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,937,745&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,009,558&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,302,303&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,440,944&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,682,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;71,985,132&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The estimated weighted average lives of the Residential Securities at March 31, 2025 and December 31, 2024 in the table above are based upon projected principal prepayment rates. The actual weighted average lives of the Residential Securities could be longer or shorter than projected.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the gross unrealized losses and estimated fair value of the Company&#x2019;s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.450%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.751%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.629%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Unrealized Losses &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Number of Securities &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Unrealized Losses &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Number of Securities &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less than 12 months&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,285&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(547)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;49,820&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,477)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12 Months or more&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,502,140&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(791,682)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,311&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,054,162&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,020,427)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,377&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,530,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(792,229)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,320&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,103,982&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,021,904)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,411&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="36" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (&#x201c;CMO&#x201d;) and multifamily securities.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The decline in value of these securities is solely due to market conditions and not the quality of the assets.&#160; Substantially all of the Agency mortgage-backed securities have an actual or implied credit rating that is the same as that of the U.S. government.&#160;An impairment has not been recognized in earnings related to these investments because the decline in value is not related to credit quality, the Company currently has not made a decision to sell the securities nor is it more likely than not that the securities will be required to be sold before recovery. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;During the three months ended March 31, 2025 and 2024, the Company disposed of $5.2 billion and $8.1 billion of Residential Securities, respectively. The following table presents the Company&#x2019;s net gains (losses) from the disposal of Residential Securities for the three months ended March 31, 2025 and 2024. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.625%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.004%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.023%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.004%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.023%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.009%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Realized Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Realized Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Realized Gains (Losses)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the three months ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,880&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(119,486)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(54,606)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;32,924&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(471,172)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(438,248)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
    <us-gaap:GainLossOnInvestments contextRef="c-84" decimals="-5" id="f-401" unitRef="usd">901600000</us-gaap:GainLossOnInvestments>
    <us-gaap:GainLossOnInvestments contextRef="c-85" decimals="-5" id="f-402" unitRef="usd">-674000000.0</us-gaap:GainLossOnInvestments>
    <us-gaap:DebtSecuritiesAvailableForSaleTableTextBlock contextRef="c-1" id="f-403">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table represents a rollforward of the activity for the Company&#x2019;s securities for the three months ended March 31, 2025:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.190%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.297%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.449%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.449%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.300%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency &lt;br/&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Credit Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial &lt;br/&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,434,068&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,248,101&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;74,278&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;69,756,447&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,263,002&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;101,318&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,364,320&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sales&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,967,149)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(214,381)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(12,886)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,194,416)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Principal paydowns&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,516,963)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(152,573)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,283)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,671,819)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(Amortization) / accretion&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(56,057)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(17)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(57,430)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,172,819&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,526)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(31)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,164,262&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,972,583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DebtSecuritiesAvailableForSaleTableTextBlock>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-86" decimals="-3" id="f-404" unitRef="usd">67434068000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-87" decimals="-3" id="f-405" unitRef="usd">2248101000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-88" decimals="-3" id="f-406" unitRef="usd">74278000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-8" decimals="-3" id="f-407" unitRef="usd">69756447000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-84" decimals="-3" id="f-408" unitRef="usd">6263002000</nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-89" decimals="-3" id="f-409" unitRef="usd">101318000</nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-90" decimals="-3" id="f-410" unitRef="usd">0</nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-1" decimals="-3" id="f-411" unitRef="usd">6364320000</nly:PaymentstoAcquireDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-84" decimals="-3" id="f-412" unitRef="usd">4967149000</nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-89" decimals="-3" id="f-413" unitRef="usd">214381000</nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-90" decimals="-3" id="f-414" unitRef="usd">12886000</nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity contextRef="c-1" decimals="-3" id="f-415" unitRef="usd">5194416000</nly:ProceedsfromSaleofDebtSecuritiesAvailableforsaleExcludingVariableInterestEntity>
    <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="c-84" decimals="-3" id="f-416" unitRef="usd">1516963000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
    <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="c-89" decimals="-3" id="f-417" unitRef="usd">152573000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
    <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="c-90" decimals="-3" id="f-418" unitRef="usd">2283000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
    <us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities contextRef="c-1" decimals="-3" id="f-419" unitRef="usd">1671819000</us-gaap:ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities>
    <nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale contextRef="c-84" decimals="-3" id="f-420" unitRef="usd">-56057000</nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale>
    <nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale contextRef="c-89" decimals="-3" id="f-421" unitRef="usd">-1356000</nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale>
    <nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale contextRef="c-90" decimals="-3" id="f-422" unitRef="usd">-17000</nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale>
    <nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale contextRef="c-1" decimals="-3" id="f-423" unitRef="usd">-57430000</nly:AccretionAmortizationOfDebtSecuritiesAvailableForSale>
    <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="c-84" decimals="-3" id="f-424" unitRef="usd">1172819000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>
    <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="c-89" decimals="-3" id="f-425" unitRef="usd">-8526000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>
    <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="c-90" decimals="-3" id="f-426" unitRef="usd">-31000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>
    <us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax contextRef="c-1" decimals="-3" id="f-427" unitRef="usd">1164262000</us-gaap:OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-91" decimals="-3" id="f-428" unitRef="usd">68329720000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-92" decimals="-3" id="f-429" unitRef="usd">1972583000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-93" decimals="-3" id="f-430" unitRef="usd">59061000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-7" decimals="-3" id="f-431" unitRef="usd">70361364000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock contextRef="c-1" id="f-432">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the Company&#x2019;s securities portfolio that were carried at their fair value at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:24.744%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.738%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.885%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.534%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.889%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Principal /&lt;br/&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Premium&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Discount&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,549,014&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,258,704&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,191,086)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,616,632&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;356,094&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,418,833)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;63,553,893&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;137,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,972&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(40)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;146,089&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,949&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(6,641)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;141,397&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,886&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,418&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,304&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(13,496)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;73,808&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,757,295&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;545,553&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;545,553&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,256&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(105,328)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;469,481&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,947,936&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;544,756&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,058)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,085,912&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,207&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(49,245)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,065,874&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,234&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,279&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;26,513&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,246)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total agency securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;98,501,522&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,361,682&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,199,184)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;69,508,003&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;416,506&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,594,789)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;492,296&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,493&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,385)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;490,404&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,751&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(96)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;204,309&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;34&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,062)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;202,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,969&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,696)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;197,554&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,867,436&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,175&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(10,084)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;44,362&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,035&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(700)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;46,697&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;247,047&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(29,638)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;217,421&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,488&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,207)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;216,702&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;832,022&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,304&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,691)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;831,635&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,266&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,626)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;830,275&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo (&amp;gt;=2010 vintage) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,692,985&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,262&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(30,144)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;146,838&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,726&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,268)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;160,296&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,336,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;119,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(80,004)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,932,941&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,235&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(24,593)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,972,583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;112,837,617&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,480,962&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,279,188)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,440,944&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;480,741&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,619,382)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,302,303&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,015&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;144&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,159&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(98)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;112,896,632&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,481,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,279,188)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,500,103&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;480,741&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,619,480)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,361,364&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="42" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Principal /&lt;br/&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Premium&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Remaining Discount&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized&lt;br/&gt;Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="39" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,010,762&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,329,117&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,178,444)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,161,435&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;130,742&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,242,503)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,049,674&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;157,123&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11,936&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(42)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;169,017&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,995)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;162,238&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;87,467&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,459&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;88,926&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(15,242)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;73,684&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,437,570&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;493,803&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;493,803&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,843&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(127,914)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;380,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;26,216,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;514,726&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(11,830)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,844,575&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,644&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(110,454)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,741,765&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;24,916&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,499&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;27,415&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,440)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;25,975&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total agency investments&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;94,934,189&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,353,540&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,190,316)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,785,171&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;155,445&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,506,548)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;707,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,608&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(3,581)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;705,196&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;49,819&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(100)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;172,368&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,724)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;170,679&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,694&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,481)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;164,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,824,609&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;27,484&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(10,228)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;43,725&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(667)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;45,790&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;280,820&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(30,081)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;250,751&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,325&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(11,493)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;245,583&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;882,547&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,540&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(3,762)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;883,325&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,630&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,347)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;878,608&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo (&amp;gt;=2010 vintage) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10,334,669&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;84,431&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(30,385)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;146,285&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;17,072&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(5,044)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;158,313&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,202,182&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;118,110&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(79,761)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,199,961&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;80,272&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(32,132)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,248,101&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total residential securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;109,136,371&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,471,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,270,077)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;71,985,132&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;235,717&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,538,680)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,682,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,151&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;193&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,344&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;38&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(104)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;109,210,522&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,471,843&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,270,077)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;72,059,476&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;235,755&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,538,784)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,756,447&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="42" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="42" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $26.4&#160;billion and $22.9&#160;billion of Agency Multifamily interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $1.8&#160;billion and $1.8&#160;billion of Prime interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principal/Notional amount includes $10.6&#160;billion and $10.2&#160;billion of Prime Jumbo interest-only securities as of March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock>
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    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-122" decimals="-3" id="f-642" unitRef="usd">158313000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
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    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax contextRef="c-123" decimals="-3" id="f-647" unitRef="usd">80272000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-123" decimals="-3" id="f-648" unitRef="usd">32132000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-123" decimals="-3" id="f-649" unitRef="usd">2248101000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
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    <nly:DebtSecuritiesAvailableforsaleRemainingDiscount contextRef="c-124" decimals="-3" id="f-652" unitRef="usd">1270077000</nly:DebtSecuritiesAvailableforsaleRemainingDiscount>
    <us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss contextRef="c-124" decimals="-3" id="f-653" unitRef="usd">71985132000</us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax contextRef="c-124" decimals="-3" id="f-654" unitRef="usd">235717000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-124" decimals="-3" id="f-655" unitRef="usd">2538680000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-124" decimals="-3" id="f-656" unitRef="usd">69682169000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
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    <nly:DebtSecuritiesAvailableforsaleRemainingDiscount contextRef="c-125" decimals="-3" id="f-659" unitRef="usd">0</nly:DebtSecuritiesAvailableforsaleRemainingDiscount>
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    <nly:DebtSecuritiesAvailableforsaleRemainingDiscount contextRef="c-8" decimals="-3" id="f-666" unitRef="usd">1270077000</nly:DebtSecuritiesAvailableforsaleRemainingDiscount>
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    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-8" decimals="-3" id="f-670" unitRef="usd">69756447000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
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    <us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c-127" decimals="-8" id="f-672" unitRef="usd">22900000000</us-gaap:InvestmentOwnedBalancePrincipalAmount>
    <us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c-128" decimals="-8" id="f-673" unitRef="usd">1800000000</us-gaap:InvestmentOwnedBalancePrincipalAmount>
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    <us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c-130" decimals="-8" id="f-675" unitRef="usd">10600000000</us-gaap:InvestmentOwnedBalancePrincipalAmount>
    <us-gaap:InvestmentOwnedBalancePrincipalAmount contextRef="c-131" decimals="-8" id="f-676" unitRef="usd">10200000000</us-gaap:InvestmentOwnedBalancePrincipalAmount>
    <nly:ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock contextRef="c-1" id="f-677">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the Company&#x2019;s Agency mortgage-backed securities portfolio by issuing Agency at March 31, 2025 and December 31, 2024:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.602%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.625%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.094%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.684%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.097%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Investment Type&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fannie Mae&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;63,937,187&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,211,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Freddie Mac&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,243,501&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,115,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Ginnie Mae&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;149,032&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;107,466&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfMortgageBackedSecuritiesAgencyConcentrationTableTextBlock>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-132" decimals="-3" id="f-678" unitRef="usd">63937187000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-133" decimals="-3" id="f-679" unitRef="usd">63211517000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-134" decimals="-3" id="f-680" unitRef="usd">4243501000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-135" decimals="-3" id="f-681" unitRef="usd">4115085000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-136" decimals="-3" id="f-682" unitRef="usd">149032000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-137" decimals="-3" id="f-683" unitRef="usd">107466000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-138" decimals="-3" id="f-684" unitRef="usd">68329720000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-139" decimals="-3" id="f-685" unitRef="usd">67434068000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <nly:ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock contextRef="c-1" id="f-686">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the Company&#x2019;s Residential Securities at March 31, 2025 and December 31, 2024, according to their estimated weighted average life classifications:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.479%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.525%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.842%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amortized&lt;br/&gt;Cost&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated weighted average life&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less than one year&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;369,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;369,373&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;407,856&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;408,090&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than one year through five years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,747,308&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,581&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,308,898&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,325,093&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than five years through ten years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;66,096,901&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,235,550&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,027,670&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,242,391&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than ten years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,088,691&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,087,440&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,937,745&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,009,558&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,302,303&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;71,440,944&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;69,682,169&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;71,985,132&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfMortgageBackedSecuritiesByEstimatedWeightedAverageLifeClassificationTableTextBlock>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue contextRef="c-108" decimals="-3" id="f-687" unitRef="usd">369403000</nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost contextRef="c-108" decimals="-3" id="f-688" unitRef="usd">369373000</nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue contextRef="c-124" decimals="-3" id="f-689" unitRef="usd">407856000</nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost contextRef="c-124" decimals="-3" id="f-690" unitRef="usd">408090000</nly:AvailableForSaleSecuritiesDebtExpectedLifeOfLessThanOneYearAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue contextRef="c-108" decimals="-3" id="f-691" unitRef="usd">1747308000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost contextRef="c-108" decimals="-3" id="f-692" unitRef="usd">1748581000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue contextRef="c-124" decimals="-3" id="f-693" unitRef="usd">1308898000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost contextRef="c-124" decimals="-3" id="f-694" unitRef="usd">1325093000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanOneAndLessThanFiveYearsAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue contextRef="c-108" decimals="-3" id="f-695" unitRef="usd">66096901000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost contextRef="c-108" decimals="-3" id="f-696" unitRef="usd">67235550000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue contextRef="c-124" decimals="-3" id="f-697" unitRef="usd">66027670000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost contextRef="c-124" decimals="-3" id="f-698" unitRef="usd">68242391000</nly:AvailableForSaleSecuritiesDebtExpectedLifeGreaterThanFiveAndLessThanTenYearsAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue contextRef="c-108" decimals="-3" id="f-699" unitRef="usd">2088691000</nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost contextRef="c-108" decimals="-3" id="f-700" unitRef="usd">2087440000</nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue contextRef="c-124" decimals="-3" id="f-701" unitRef="usd">1937745000</nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsFairValue>
    <nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost contextRef="c-124" decimals="-3" id="f-702" unitRef="usd">2009558000</nly:AvailableForSaleSecuritiesDebtExpectedLifeAfterTenYearsAmortizedCost>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-108" decimals="-3" id="f-703" unitRef="usd">70302303000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss contextRef="c-108" decimals="-3" id="f-704" unitRef="usd">71440944000</us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-124" decimals="-3" id="f-705" unitRef="usd">69682169000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss contextRef="c-124" decimals="-3" id="f-706" unitRef="usd">71985132000</us-gaap:DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss>
    <nly:ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock contextRef="c-1" id="f-707">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the gross unrealized losses and estimated fair value of the Company&#x2019;s Agency mortgage-backed securities, accounted for as available-for-sale where the fair value option has not been elected, by length of time that such securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.450%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.751%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.957%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.629%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Unrealized Losses &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Number of Securities &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Estimated Fair Value &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Unrealized Losses &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Number of Securities &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less than 12 months&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,285&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(547)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;49,820&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,477)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12 Months or more&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,502,140&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(791,682)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,311&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,054,162&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,020,427)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,377&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,530,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(792,229)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,320&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,103,982&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,021,904)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,411&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="36" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Excludes interest-only mortgage-backed securities and reverse mortgages, and effective July 1, 2022, newly purchased Agency pass-through, collateralized mortgage obligation (&#x201c;CMO&#x201d;) and multifamily securities.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfUnrealizedLossesOnInvestmentsTableTextBlock>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-140" decimals="-3" id="f-708" unitRef="usd">28285000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-140" decimals="-3" id="f-709" unitRef="usd">547000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-140"
      decimals="INF"
      id="f-710"
      unitRef="security">9</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-141" decimals="-3" id="f-711" unitRef="usd">49820000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-141" decimals="-3" id="f-712" unitRef="usd">1477000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-141"
      decimals="INF"
      id="f-713"
      unitRef="security">34</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-142" decimals="-3" id="f-714" unitRef="usd">7502140000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-142" decimals="-3" id="f-715" unitRef="usd">791682000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-142"
      decimals="INF"
      id="f-716"
      unitRef="security">1311</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-143" decimals="-3" id="f-717" unitRef="usd">8054162000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-143" decimals="-3" id="f-718" unitRef="usd">1020427000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-143"
      decimals="INF"
      id="f-719"
      unitRef="security">1377</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-138" decimals="-3" id="f-720" unitRef="usd">7530425000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-138" decimals="-3" id="f-721" unitRef="usd">792229000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-138"
      decimals="INF"
      id="f-722"
      unitRef="security">1320</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest contextRef="c-139" decimals="-3" id="f-723" unitRef="usd">8103982000</us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest>
    <us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax contextRef="c-139" decimals="-3" id="f-724" unitRef="usd">1021904000</us-gaap:AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax>
    <us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
      contextRef="c-139"
      decimals="INF"
      id="f-725"
      unitRef="security">1411</us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions>
    <nly:MortgageBackedSecuritiesSoldCarryingValue contextRef="c-1" decimals="-8" id="f-726" unitRef="usd">5200000000</nly:MortgageBackedSecuritiesSoldCarryingValue>
    <nly:MortgageBackedSecuritiesSoldCarryingValue contextRef="c-17" decimals="-8" id="f-727" unitRef="usd">8100000000</nly:MortgageBackedSecuritiesSoldCarryingValue>
    <us-gaap:ScheduleOfRealizedGainLossTableTextBlock contextRef="c-1" id="f-728">The following table presents the Company&#x2019;s net gains (losses) from the disposal of Residential Securities for the three months ended March 31, 2025 and 2024. &lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.625%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.004%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.023%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.004%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.023%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.009%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Realized Gains&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Realized Losses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Realized Gains (Losses)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the three months ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,880&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(119,486)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(54,606)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;32,924&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(471,172)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(438,248)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfRealizedGainLossTableTextBlock>
    <us-gaap:DebtSecuritiesAvailableForSaleRealizedGain contextRef="c-1" decimals="-3" id="f-729" unitRef="usd">64880000</us-gaap:DebtSecuritiesAvailableForSaleRealizedGain>
    <us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss contextRef="c-1" decimals="-3" id="f-730" unitRef="usd">119486000</us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss>
    <us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS contextRef="c-1" decimals="-3" id="f-731" unitRef="usd">-54606000</us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS>
    <us-gaap:DebtSecuritiesAvailableForSaleRealizedGain contextRef="c-17" decimals="-3" id="f-732" unitRef="usd">32924000</us-gaap:DebtSecuritiesAvailableForSaleRealizedGain>
    <us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss contextRef="c-17" decimals="-3" id="f-733" unitRef="usd">471172000</us-gaap:DebtSecuritiesAvailableForSaleRealizedLoss>
    <us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS contextRef="c-17" decimals="-3" id="f-734" unitRef="usd">-438248000</us-gaap:GainLossOnSalesOfMortgageBackedSecuritiesMBS>
    <us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c-1" id="f-735">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;6. LOANS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company invests in residential loans. Loans are classified as either held for investment or held for sale. Loans are eligible to be accounted for under the fair value option. If loans are elected under the fair value option, they are carried at fair value with changes in fair value recognized in earnings. Otherwise, loans held for investment are carried at cost less impairment and loans held for sale are accounted for at the lower of cost or fair value.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Excluding loans transferred or pledged to securitization vehicles, as of March 31, 2025 and December 31, 2024, the Company had&lt;/span&gt;&lt;span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;$3.9&#160;billion&lt;/span&gt;&lt;span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;and $3.5&#160;billion, respectively, of loans for which the fair value option was elected. If the Company intends to sell or securitize the loans and the securitization vehicle is not expected to be consolidated, the loans are classified as held for sale. Any origination fees and costs or purchase premiums or discounts are deferred and recognized upon sale. The Company determines the fair value of loans held for sale on an individual loan basis. The carrying value of the Company&#x2019;s residential loans held for sale was $6.3 million and $10.0 million at March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the activity of the Company&#x2019;s loan investments, excluding loans transferred or pledged to securitization vehicles, for the three months ended March 31, 2025:&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.742%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:64.725%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:33.075%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,546,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases / originations&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,919,866&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sales and transfers&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,595,522)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Principal payments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(48,269)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Gains / (losses)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;42,180&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(Amortization) / accretion&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,602)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)  &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Includes transfer of residential loans to securitization vehicles with a carrying value of $3.2&#160;billion during the three months ended March 31, 2025.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Residential &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company&#x2019;s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the &#x201c;Variable Interest Entities&#x201d; Note for further information related to the Company&#x2019;s consolidated residential mortgage loan trusts.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The mortgage loans are secured by first liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian, the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.859%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.821%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.439%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.440%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,324,836&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;25,520,090&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unpaid principal balance&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,798,298&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;26,297,725&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 for these investments:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:73.684%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:67.352%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.177%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.792%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;426,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;252,016&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net gains (losses) on disposal of investments &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(9,993)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,117)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net unrealized gains (losses) on instruments measured at fair value through earnings &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;240,830&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(84,786)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;656,892&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;165,113&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.157%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:34.886%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.664%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.629%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:34.886%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.335%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="15" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Geographic Concentrations of Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Property location&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;% of Balance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Property location&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;% of Balance&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;California&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;39.9%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;California&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;39.5%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;New York&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;11.2%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;New York&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10.9%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Florida&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9.8%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Florida&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10.1%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Texas&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5.4%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Texas&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5.4%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;All other (none individually greater than 5%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;33.7%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;All other (none individually greater than 5%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34.1%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;100.0%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;100.0%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="15" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides additional data on the Company&#x2019;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.128%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.884%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.854%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.697%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.898%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.697%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.702%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio Weighted&lt;br/&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio Weighted Average&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unpaid principal balance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$1 - $4,396&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$465&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$1 - $4,396&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$471&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.00% - 18.00%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6.54%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2.00% - 18.00%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6.43%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7/1/2029 - 4/1/2065&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4/24/2053&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7/1/2029 - 12/1/2064&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2/3/2053&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;FICO score at loan origination&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;549 - 850&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;758&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;549 - 850&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;758&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Loan-to-value ratio at loan origination&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1% - 100%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2% - 100%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;At March 31, 2025 and December 31, 2024, approximately 15% and 16%, respectively, of the carrying value of the Company&#x2019;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, were adjustable-rate.</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
    <us-gaap:Assets contextRef="c-15" decimals="-8" id="f-736" unitRef="usd">3900000000</us-gaap:Assets>
    <us-gaap:Assets contextRef="c-16" decimals="-8" id="f-737" unitRef="usd">3500000000</us-gaap:Assets>
    <us-gaap:LoansReceivableHeldForSaleAmount contextRef="c-15" decimals="-5" id="f-738" unitRef="usd">6300000</us-gaap:LoansReceivableHeldForSaleAmount>
    <us-gaap:LoansReceivableHeldForSaleAmount contextRef="c-16" decimals="-5" id="f-739" unitRef="usd">10000000.0</us-gaap:LoansReceivableHeldForSaleAmount>
    <nly:SummaryOfLoansInvestmentActivityTableTextBlock contextRef="c-1" id="f-740">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the activity of the Company&#x2019;s loan investments, excluding loans transferred or pledged to securitization vehicles, for the three months ended March 31, 2025:&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.742%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:64.725%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:33.075%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,546,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases / originations&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,919,866&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sales and transfers&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,595,522)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Principal payments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(48,269)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Gains / (losses)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;42,180&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(Amortization) / accretion&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(4,602)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)  &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Includes transfer of residential loans to securitization vehicles with a carrying value of $3.2&#160;billion during the three months ended March 31, 2025.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:SummaryOfLoansInvestmentActivityTableTextBlock>
    <us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss contextRef="c-8" decimals="-3" id="f-741" unitRef="usd">3546902000</us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss>
    <us-gaap:MortgageLoansOnRealEstateNewMortgageLoans contextRef="c-1" decimals="-3" id="f-742" unitRef="usd">3919866000</us-gaap:MortgageLoansOnRealEstateNewMortgageLoans>
    <nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers contextRef="c-1" decimals="-3" id="f-743" unitRef="usd">3595522000</nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateSalesAndTransfers>
    <srt:MortgageLoansOnRealEstateCollectionsOfPrincipal contextRef="c-1" decimals="-3" id="f-744" unitRef="usd">48269000</srt:MortgageLoansOnRealEstateCollectionsOfPrincipal>
    <nly:MortgageLoansonRealEstateGainsLosses contextRef="c-1" decimals="-3" id="f-745" unitRef="usd">42180000</nly:MortgageLoansonRealEstateGainsLosses>
    <nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium contextRef="c-1" decimals="-3" id="f-746" unitRef="usd">4602000</nly:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAmortizationAccretionOfPremium>
    <us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss contextRef="c-7" decimals="-3" id="f-747" unitRef="usd">3860555000</us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss>
    <nly:NoncashOrPartNoncashFinancialInstrumentsOwnedAndPledgedAsCollateral contextRef="c-7" decimals="-8" id="f-748" unitRef="usd">3200000000</nly:NoncashOrPartNoncashFinancialInstrumentsOwnedAndPledgedAsCollateral>
    <us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy contextRef="c-1" id="f-749">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s residential mortgage loans are primarily comprised of performing adjustable-rate and fixed-rate whole loans. The Company&#x2019;s residential loans are accounted for under the fair value option with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The Company also consolidates securitization trusts in which it retained securities because it also has certain powers and rights to direct the activities of such trusts. Refer to the &#x201c;Variable Interest Entities&#x201d; Note for further information related to the Company&#x2019;s consolidated residential mortgage loan trusts.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The mortgage loans are secured by first liens on primarily one-to-four family residential properties. A subsidiary of the Company has engaged a third party to act as its custodian, agent and bailee for the purposes of receiving and holding certain documents, instruments and papers related to the residential mortgage loans it purchases. Pursuant to the custodial agreement, the custodian segregates and maintains continuous custody of all documents constituting the mortgage file with respect to each mortgage loan owned by the subsidiary in secure and fire resistant facilities and in a manner consistent with the standard of care employed by prudent mortgage loan document custodians. At or prior to the funding of any residential mortgage loan, the related seller, pursuant to the terms of our mortgage loan purchase agreement, must deliver to the custodian, the mortgage loan documents including the mortgage note, the mortgage and other related loan documents. In addition, a complete credit file for the related mortgage and borrower must be delivered to the subsidiary prior to the date of purchase.&lt;/span&gt;&lt;/div&gt;</us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy>
    <nly:ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock contextRef="c-1" id="f-750">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.859%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.821%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.439%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.440%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,324,836&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;25,520,090&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unpaid principal balance&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,798,298&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;26,297,725&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfFairValueAndUnpaidPrincipalBalancesOfMortgageLoansTableTextBlock>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-15" decimals="-3" id="f-751" unitRef="usd">28324836000</nly:MortgageLoansFairValueDisclosure>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-16" decimals="-3" id="f-752" unitRef="usd">25520090000</nly:MortgageLoansFairValueDisclosure>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-15" decimals="-3" id="f-753" unitRef="usd">28798298000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-16" decimals="-3" id="f-754" unitRef="usd">26297725000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock contextRef="c-1" id="f-755">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 for these investments:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:73.684%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:67.352%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.177%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.792%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;426,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;252,016&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net gains (losses) on disposal of investments &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(9,993)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,117)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net unrealized gains (losses) on instruments measured at fair value through earnings &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;240,830&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(84,786)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;656,892&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;165,113&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; These amounts are presented in the line item Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (loss).&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock>
    <us-gaap:InterestIncomeExpenseNet contextRef="c-144" decimals="-3" id="f-756" unitRef="usd">426055000</us-gaap:InterestIncomeExpenseNet>
    <us-gaap:InterestIncomeExpenseNet contextRef="c-145" decimals="-3" id="f-757" unitRef="usd">252016000</us-gaap:InterestIncomeExpenseNet>
    <us-gaap:GainLossOnSaleOfInvestments contextRef="c-144" decimals="-3" id="f-758" unitRef="usd">-9993000</us-gaap:GainLossOnSaleOfInvestments>
    <us-gaap:GainLossOnSaleOfInvestments contextRef="c-145" decimals="-3" id="f-759" unitRef="usd">-2117000</us-gaap:GainLossOnSaleOfInvestments>
    <us-gaap:UnrealizedGainLossOnInvestments contextRef="c-144" decimals="-3" id="f-760" unitRef="usd">240830000</us-gaap:UnrealizedGainLossOnInvestments>
    <us-gaap:UnrealizedGainLossOnInvestments contextRef="c-145" decimals="-3" id="f-761" unitRef="usd">-84786000</us-gaap:UnrealizedGainLossOnInvestments>
    <us-gaap:NetIncomeLoss contextRef="c-144" decimals="-3" id="f-762" unitRef="usd">656892000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="c-145" decimals="-3" id="f-763" unitRef="usd">165113000</us-gaap:NetIncomeLoss>
    <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="c-1" id="f-764">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides the geographic concentrations based on the unpaid principal balances at March 31, 2025 and December 31, 2024 for the residential mortgage loans, including loans transferred or pledged to securitization vehicles:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:88.157%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:34.886%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.664%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.629%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:34.886%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.335%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="15" style="background-color:#031f48;border-bottom:0.5pt solid #ffffff;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Geographic Concentrations of Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Property location&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;% of Balance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Property location&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;% of Balance&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;California&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;39.9%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;California&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;39.5%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;New York&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;11.2%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;New York&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10.9%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Florida&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9.8%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Florida&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10.1%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Texas&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5.4%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Texas&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5.4%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;All other (none individually greater than 5%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;33.7%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;All other (none individually greater than 5%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34.1%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;100.0%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;100.0%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="15" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-146" decimals="3" id="f-765" unitRef="number">0.399</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-147" decimals="3" id="f-766" unitRef="number">0.395</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-148" decimals="3" id="f-767" unitRef="number">0.112</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-149" decimals="3" id="f-768" unitRef="number">0.109</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-150" decimals="3" id="f-769" unitRef="number">0.098</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-151" decimals="3" id="f-770" unitRef="number">0.101</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-152" decimals="3" id="f-771" unitRef="number">0.054</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-153" decimals="3" id="f-772" unitRef="number">0.054</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-154" decimals="3" id="f-773" unitRef="number">0.337</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-155" decimals="3" id="f-774" unitRef="number">0.341</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-156" decimals="3" id="f-775" unitRef="number">1.000</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="c-157" decimals="3" id="f-776" unitRef="number">1.000</us-gaap:ConcentrationRiskPercentage1>
    <nly:MortgageLoansHeldForPortfolioTableTextBlock contextRef="c-1" id="f-777">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides additional data on the Company&#x2019;s residential mortgage loans, including loans transferred or pledged to securitization vehicles, at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.128%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.884%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.854%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.697%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.898%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.697%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.702%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio Weighted&lt;br/&gt;Average&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Portfolio Weighted Average&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unpaid principal balance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$1 - $4,396&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$465&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$1 - $4,396&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$471&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.00% - 18.00%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6.54%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2.00% - 18.00%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6.43%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7/1/2029 - 4/1/2065&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4/24/2053&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7/1/2029 - 12/1/2064&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2/3/2053&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;FICO score at loan origination&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;549 - 850&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;758&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;549 - 850&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;758&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Loan-to-value ratio at loan origination&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1% - 100%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2% - 100%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:MortgageLoansHeldForPortfolioTableTextBlock>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-158" decimals="-3" id="f-778" unitRef="usd">1000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-159" decimals="-3" id="f-779" unitRef="usd">4396000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-160" decimals="-3" id="f-780" unitRef="usd">465000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-161" decimals="-3" id="f-781" unitRef="usd">1000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-162" decimals="-3" id="f-782" unitRef="usd">4396000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio contextRef="c-163" decimals="-3" id="f-783" unitRef="usd">471000</us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio>
    <nly:InvestmentInterestRatePercentage contextRef="c-164" decimals="4" id="f-784" unitRef="number">0.0200</nly:InvestmentInterestRatePercentage>
    <nly:InvestmentInterestRatePercentage contextRef="c-165" decimals="4" id="f-785" unitRef="number">0.1800</nly:InvestmentInterestRatePercentage>
    <nly:InvestmentInterestRatePercentage contextRef="c-166" decimals="4" id="f-786" unitRef="number">0.0654</nly:InvestmentInterestRatePercentage>
    <nly:InvestmentInterestRatePercentage contextRef="c-167" decimals="4" id="f-787" unitRef="number">0.0200</nly:InvestmentInterestRatePercentage>
    <nly:InvestmentInterestRatePercentage contextRef="c-168" decimals="4" id="f-788" unitRef="number">0.1800</nly:InvestmentInterestRatePercentage>
    <nly:InvestmentInterestRatePercentage contextRef="c-169" decimals="4" id="f-789" unitRef="number">0.0643</nly:InvestmentInterestRatePercentage>
    <nly:FicoScore
      contextRef="c-158"
      decimals="INF"
      id="f-790"
      unitRef="point">549</nly:FicoScore>
    <nly:FicoScore
      contextRef="c-159"
      decimals="INF"
      id="f-791"
      unitRef="point">850</nly:FicoScore>
    <nly:FicoScore
      contextRef="c-160"
      decimals="INF"
      id="f-792"
      unitRef="point">758</nly:FicoScore>
    <nly:FicoScore
      contextRef="c-161"
      decimals="INF"
      id="f-793"
      unitRef="point">549</nly:FicoScore>
    <nly:FicoScore
      contextRef="c-162"
      decimals="INF"
      id="f-794"
      unitRef="point">850</nly:FicoScore>
    <nly:FicoScore
      contextRef="c-163"
      decimals="INF"
      id="f-795"
      unitRef="point">758</nly:FicoScore>
    <nly:LoanToValuePercentage contextRef="c-164" decimals="2" id="f-796" unitRef="number">0.01</nly:LoanToValuePercentage>
    <nly:LoanToValuePercentage contextRef="c-165" decimals="2" id="f-797" unitRef="number">1</nly:LoanToValuePercentage>
    <nly:LoanToValuePercentage contextRef="c-166" decimals="2" id="f-798" unitRef="number">0.68</nly:LoanToValuePercentage>
    <nly:LoanToValuePercentage contextRef="c-167" decimals="2" id="f-799" unitRef="number">0.02</nly:LoanToValuePercentage>
    <nly:LoanToValuePercentage contextRef="c-168" decimals="2" id="f-800" unitRef="number">1</nly:LoanToValuePercentage>
    <nly:LoanToValuePercentage contextRef="c-169" decimals="2" id="f-801" unitRef="number">0.68</nly:LoanToValuePercentage>
    <nly:PercentageOfAdjustableRateLoans contextRef="c-15" decimals="2" id="f-802" unitRef="number">0.15</nly:PercentageOfAdjustableRateLoans>
    <nly:PercentageOfAdjustableRateLoans contextRef="c-16" decimals="2" id="f-803" unitRef="number">0.16</nly:PercentageOfAdjustableRateLoans>
    <us-gaap:TransfersAndServicingOfFinancialAssetsTextBlock contextRef="c-1" id="f-804">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;7. MORTGAGE SERVICING RIGHTS  &lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024: &#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.690%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:59.375%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.122%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.879%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.124%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;Mortgage Servicing Rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:20pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, beginning of period&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,909,134&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,122,196&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;396,662&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;515,731&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Change in fair value due to:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Changes in valuation inputs or assumptions &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,768&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;46,136&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other changes, including realization of expected cash flows&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(45,662)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(32,784)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair value, end of period&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,651,279&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:TransfersAndServicingOfFinancialAssetsTextBlock>
    <us-gaap:ScheduleOfServicingAssetsAtFairValueTextBlock contextRef="c-1" id="f-805">&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024: &#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.690%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:59.375%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.122%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.879%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.124%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;Mortgage Servicing Rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:20pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fair value, beginning of period&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,909,134&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,122,196&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchases &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;396,662&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;515,731&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Change in fair value due to:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Changes in valuation inputs or assumptions &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,768&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;46,136&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other changes, including realization of expected cash flows&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(45,662)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(32,784)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair value, end of period&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,651,279&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfServicingAssetsAtFairValueTextBlock>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-8" decimals="-3" id="f-806" unitRef="usd">2909134000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-55" decimals="-3" id="f-807" unitRef="usd">2122196000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAdditions contextRef="c-1" decimals="-3" id="f-808" unitRef="usd">396662000</us-gaap:ServicingAssetAtFairValueAdditions>
    <us-gaap:ServicingAssetAtFairValueAdditions contextRef="c-17" decimals="-3" id="f-809" unitRef="usd">515731000</us-gaap:ServicingAssetAtFairValueAdditions>
    <us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions contextRef="c-1" decimals="-3" id="f-810" unitRef="usd">12768000</us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions>
    <us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions contextRef="c-17" decimals="-3" id="f-811" unitRef="usd">46136000</us-gaap:ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions>
    <us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance contextRef="c-1" decimals="-3" id="f-812" unitRef="usd">-45662000</us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance>
    <us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance contextRef="c-17" decimals="-3" id="f-813" unitRef="usd">-32784000</us-gaap:ServicingAssetAtFairValueOtherChangesThatAffectBalance>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-7" decimals="-3" id="f-814" unitRef="usd">3272902000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-54" decimals="-3" id="f-815" unitRef="usd">2651279000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:VariableInterestEntityDisclosureTextBlock contextRef="c-1" id="f-816">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;8. VARIABLE INTEREST ENTITIES&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s exposure to the obligations of its VIEs is generally limited to the Company&#x2019;s investment in the VIEs of $2.5 billion at March 31, 2025. Assets of the VIEs may only be used to settle obligations of the VIEs. Creditors of the VIEs have no recourse to the general credit of the Company. The Company is not contractually required to provide and has not provided any form of financial support to the VIEs. No gains or losses were recognized upon consolidation of existing VIEs. Interest income and expense are recognized using the effective interest method.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Residential Securitizations&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company also invests in residential mortgage-backed securities issued by entities that are VIEs because they do not have sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs&#x2019; economic performance. For these entities, the Company&#x2019;s maximum exposure to loss is the amortized cost basis of the securities it owns and it does not provide any liquidity arrangements, guarantees or other commitments to these  VIEs. Refer to the &#x201c;Securities&#x201d; Note for further information on Residential Securities.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;OBX Trusts&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential securitizations are issued by entities generally referred to collectively as the &#x201c;OBX Trusts.&#x201d; These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed as of March 31, 2025 are included in the following table:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.175%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.233%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.233%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.234%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securitization&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Date of Closing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Face Value at Closing&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;January 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;618,433&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;February 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;719,218&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;February 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;577,442&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM4&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;625,807&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-HE1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;216,455&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM5&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;334,879&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025 and December 31, 2024, a total carrying value of $21.8&#160;billion and $19.5&#160;billion, respectively, of bonds were held by third parties and the Company retained $2.5&#160;billion and $2.3&#160;billion, respectively, of MBS, which were eliminated in consolidation. The Company is deemed to be the primary beneficiary and consolidates the OBX Trusts because it has power to direct the activities that most significantly impact the OBX Trusts&#x2019; performance and holds a variable interest that could be potentially significant to these VIEs. Effective August 1, 2022, upon initial consolidation of new securitization entities, the Company elected to apply the measurement alternative for consolidated collateralized financing entities in order to simplify the accounting and valuation processes. The liabilities of these securitization entities are deemed to be more observable and are used to measure the fair value of the assets. The Company incurred $6.8&#160;million and $3.7&#160;million of costs during the three months ended March 31, 2025 and 2024, respectively, in connection with these securitizations that were expensed as incurred. The contractual principal amount of the OBX Trusts&#x2019; debt held by third parties was $22.5&#160;billion and $20.5&#160;billion at March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded ($170.9) million and $86.0&#160;million, respectively, of unrealized gains (losses) on debt held by third parties issued by OBX Trusts, which is reported in Net gains (losses) on investments and other in the Company's Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Although the residential mortgage loans have been sold for bankruptcy and state law purposes, the transfers of the residential mortgage loans to the OBX Trusts did not qualify for sale accounting and are reflected as intercompany secured borrowings that are eliminated upon consolidation.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Residential Credit Fund&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company manages a fund investing in participations in residential mortgage loans. The residential credit fund is deemed to be a VIE because the entity does not have sufficient equity at risk to permit the legal entity to finance its activities without additional subordinated financial support provided by any parties, including equity holders, as capital commitments are not considered equity at risk. The Company is not the primary beneficiary and does not consolidate the residential credit fund as its only interest in the fund is the management and performance fees that it earns, which are not considered variable interests in the entity. As of March 31, 2025 and December 31, 2024, the Company had outstanding participating interests in residential mortgage loans of $1.7&#160;billion and $1.2&#160;billion, respectively. These transfers do not meet the criteria for sale accounting and are accounted for as secured borrowings, thus the residential loans are reported as Loans, net and the associated liability is reported as Participations issued in the Consolidated Statements of Financial Condition. The Company elected the fair value option for participations issued with changes in fair value reflected in Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss) to more accurately reflect the economics of the transfers as the underlying loans are carried at fair value through earnings.&lt;/span&gt;&lt;/div&gt;</us-gaap:VariableInterestEntityDisclosureTextBlock>
    <us-gaap:VariableInterestEntityEntityMaximumLossExposureAmount contextRef="c-11" decimals="-8" id="f-817" unitRef="usd">2500000000</us-gaap:VariableInterestEntityEntityMaximumLossExposureAmount>
    <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="c-1" id="f-818">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential securitizations are issued by entities generally referred to collectively as the &#x201c;OBX Trusts.&#x201d; These securitizations represent financing transactions that provide non-recourse financing to the Company and are collateralized by residential mortgage loans purchased by the Company. Residential securitizations closed as of March 31, 2025 are included in the following table:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.175%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.233%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.233%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.234%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securitization&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Date of Closing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Face Value at Closing&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;January 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;618,433&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;February 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;719,218&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;February 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;577,442&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM4&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;625,807&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-HE1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;216,455&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;OBX 2025-NQM5&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;334,879&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
    <us-gaap:PrincipalAmountOutstandingOnLoansSecuritized contextRef="c-170" decimals="-3" id="f-819" unitRef="usd">618433000</us-gaap:PrincipalAmountOutstandingOnLoansSecuritized>
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    <us-gaap:PrincipalAmountOutstandingOnLoansSecuritized contextRef="c-173" decimals="-3" id="f-822" unitRef="usd">625807000</us-gaap:PrincipalAmountOutstandingOnLoansSecuritized>
    <us-gaap:PrincipalAmountOutstandingOnLoansSecuritized contextRef="c-174" decimals="-3" id="f-823" unitRef="usd">216455000</us-gaap:PrincipalAmountOutstandingOnLoansSecuritized>
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    <nly:SecuritizedDebtOfConsolidatedVie contextRef="c-11" decimals="-8" id="f-825" unitRef="usd">21800000000</nly:SecuritizedDebtOfConsolidatedVie>
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    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-176" decimals="-8" id="f-827" unitRef="usd">2500000000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
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    <nly:SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount contextRef="c-11" decimals="-8" id="f-831" unitRef="usd">22500000000</nly:SecuritizedDebtOfConsolidatedVIEContractualPrincipalAmount>
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    <nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss contextRef="c-1" decimals="-5" id="f-833" unitRef="usd">-170900000</nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss>
    <nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss contextRef="c-17" decimals="-5" id="f-834" unitRef="usd">86000000</nly:SecuritizedDebtOfConsolidatedVIEUnrealizedGainLoss>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-180" decimals="-8" id="f-835" unitRef="usd">1700000000</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-181" decimals="-8" id="f-836" unitRef="usd">1200000000</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="c-1" id="f-837">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;9. DERIVATIVE INSTRUMENTS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Derivative instruments include, but are not limited to, interest rate swaps, options to enter into interest rate swaps (&#x201c;swaptions&#x201d;), TBA derivatives, U.S. Treasury and Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;) futures contracts and certain forward purchase commitments.&#160;The Company may also enter into other types of mortgage derivatives such as interest-only securities, credit derivatives referencing the commercial mortgage-backed securities index and synthetic total return swaps.&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In connection with the Company&#x2019;s investment/market rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts, which include interest rate swaps, swaptions and futures contracts. The Company may also enter into TBA derivatives, U.S. Treasury futures contracts, certain forward purchase commitments and credit derivatives to economically hedge its exposure to market risks. The purpose of using derivatives is to manage overall portfolio risk with the potential to generate additional income for distribution to stockholders. These derivatives are subject to changes in market values resulting from changes in interest rates,&#160;volatility, Agency mortgage-backed security spreads to U.S. Treasuries and market liquidity. The use of derivatives also creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the stated contract. Additionally, the Company may have to pledge cash or assets as collateral for the derivative transactions, the amount of which may vary based on the market value and terms of the derivative contract. In the case of market agreed coupon (&#x201c;MAC&#x201d;) interest rate swaps, the Company may make or receive a payment at the time of entering into such interest rate swaps, which represents fair value of these swaps, to compensate for the out of market nature of such interest rate swaps. Subsequent changes in fair value from inception of these interest rate swaps are reflected within Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss). Similar to other interest rate swaps, the Company may have to pledge cash or assets as collateral for the MAC interest rate swap transactions.&lt;/span&gt;&lt;span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In the event of a default by the counterparty, the Company could have difficulty obtaining its pledged collateral as well as receiving payments in accordance with the terms of the derivative contracts.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Derivatives are recognized as either assets or liabilities at fair value in the Consolidated Statements of Financial Condition with changes in fair value recognized in the Consolidated Statements of Comprehensive Income (Loss). The changes in the estimated fair value are presented within Net gains (losses) on derivatives. None of the Company&#x2019;s derivative transactions have been designated as hedging instruments for accounting purposes.&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company also maintains collateral in the form of cash on margin with counterparties to its interest rate swaps and other derivatives. In accordance with a clearing organization&#x2019;s rulebook, the Company presents the fair value of centrally cleared interest rate swaps net of variation margin pledged or received under such transactions. At March 31, 2025 and December 31, 2024, ($2.6) billion and ($3.3) billion, respectively, of variation margin was reported as an adjustment to interest rate swaps, at fair value. Initial margin is reported in Cash and cash equivalents in the Consolidated Statements of Financial Condition.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Interest Rate Swap Agreements &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Interest rate swap agreements are the primary instruments used to mitigate interest rate risk.&#160; In particular, the Company uses interest rate swap agreements to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. The Company may have outstanding interest rate swap agreements where the floating leg is linked to the SOFR, the overnight index swap rate or another index. Interest rate swap agreements may or may not be cleared through a derivatives clearing organization (&#x201c;DCO&#x201d;). Uncleared interest rate swaps are fair valued using internal pricing models and compared to the counterparty market values. Centrally cleared interest rate swaps, including MAC interest rate swaps, are generally fair valued using the DCO&#x2019;s market values. If an interest rate swap is terminated, the realized gain (loss) on the interest rate swap would be equal to the difference between the cash received or paid and fair value.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Swaptions &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; Swaptions are purchased or sold to mitigate the potential impact of increases or decreases in interest rates.&#160; Interest rate swaptions provide the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future.&#160;The Company&#x2019;s swaptions are not centrally cleared. The premium paid or received for swaptions is reported as an asset or liability in the Consolidated Statements of Financial Condition. If a swaption expires unexercised, the realized gain (loss) on the swaption would be equal to the premium received or paid. If the Company sells or exercises a swaption, the realized gain (loss) on the swaption would be equal to the difference between the cash received or the fair value of the underlying interest rate swap received and the premium paid. The fair value of swaptions are estimated using internal pricing models and compared to the counterparty market values.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;TBA Dollar Rolls &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; TBA dollar roll transactions are accounted for as a series of derivative transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Futures Contracts&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; Futures contracts are derivatives that track the prices of specific assets or benchmark rates. Short sales of futures contracts help to mitigate the potential impact of changes in interest rates on the portfolio performance.&#160;The Company maintains margin accounts which are settled daily with Futures Commission Merchants (&#x201c;FCMs&#x201d;). The margin requirement varies based on the market value of the open positions and the equity retained in the account. Futures contracts are fair valued based on exchange pricing.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Forward Purchase Commitments&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company may enter into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. The counterparties are required to deliver the committed loans on a &#x201c;best efforts&#x201d; basis. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Credit Derivatives &#x2013;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; The Company may enter into credit derivatives referencing a commercial mortgage-backed securities index, such as the CMBX index, and synthetic total return swaps.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes fair value information about the Company&#x2019;s derivative assets and liabilities at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.061%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:2.192%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.246%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.554%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.247%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivatives Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,595&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;35,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,635&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,257&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;225,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,467&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,539&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;181,065&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;59,586&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="15" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s interest rate swaps at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:35.250%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.214%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.368%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.709%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Notional &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Pay Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Receive Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Years to Maturity&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0 - 3 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,483,937&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.27&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.40&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1.72&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3 - 6 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,678,730&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.96&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.41&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.61&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6 - 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;19,698,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.61&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.48&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7.37&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,591,381&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.38&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.41&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22.96&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total / Weighted average&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;55,452,768&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.98&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.43&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.79&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Notional &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average &lt;br/&gt;Pay Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Receive Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Years to Maturity&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0 - 3 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,411,229&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.49&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.48&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1.14&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3 - 6 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,764,021&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.15&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.50&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.27&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6 - 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,318,937&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2.55&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.53&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.63&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,559,384&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.40&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.41&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;23.25&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total / Weighted average&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,053,571&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.11&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.50&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.36&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025, 93% and 7% of the Company&#x2019;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2024, 95% and 5% of the Company&#x2019;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s swaptions at March 31, 2025 and December 31, 2024: &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.766%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.417%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.372%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.698%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.186%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.982%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Underlying Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Fixed Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Floating Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Months to Expiration&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long pay&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$1,000,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.68%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.83&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9.92&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long receive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:9pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Underlying Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Fixed Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Floating Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Months to Expiration&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long pay&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long receive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s TBA derivatives at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.672%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Purchase and Sale Contracts for Derivative TBAs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Cost Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Market Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,902,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,612,755&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,635,383&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,628&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,902,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,612,755&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,635,383&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,628&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:8pt"&gt;&lt;td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Purchase and Sale Contracts for Derivative TBAs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Cost Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Market Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,237,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,239,001&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,209,341&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(29,660)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sale contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,120,000)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,080,943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,073,187)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,756&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,117,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,158,058&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,136,154&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(21,904)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s futures derivatives at March 31, 2025 and December 31, 2024:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.647%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.143%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.143%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.145%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Long&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Short&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average&lt;br/&gt;Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 10 year and greater&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,659,400)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.52&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,659,400)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.52&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Long&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Short&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average&lt;br/&gt;Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 2 year&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,511,600&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1.98&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 5 year&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,960,500&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 10 year and greater&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(9,840,500)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11.05&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,472,100&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(9,840,500)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.11&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company presents derivative contracts on a gross basis in the Consolidated Statements of Financial Condition. Derivative contracts may contain legally enforceable provisions that allow for netting or setting off receivables and payables with each counterparty.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present information about derivative assets and liabilities that are subject to such provisions and can be offset in the Company&#x2019;s Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.748%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.292%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.271%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.683%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.157%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.683%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.624%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.683%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.507%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amounts Eligible for Offset&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Amounts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash Collateral&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Amounts&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,238)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,774&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaptions, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,595&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,515)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;80&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;35,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(23,242)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,270)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,597)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(16,942)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,513&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,467&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(12,311)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;156&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,597)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(142,774)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amounts Eligible for Offset&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Amounts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash Collateral&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Amounts&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,138)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;13,088&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,635&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(879)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(929)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,827&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(16,650)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;174,330&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(7,212)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,539&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(19,495)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11,044&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(16,650)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.578%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.696%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.696%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.455%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Location on Consolidated Statements of Comprehensive Income (Loss)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Interest Component of Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gains (Losses) on Termination of Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gains (Losses) on Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the three months ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;191,545&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(43,789)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(753,601)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;330,149&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(21,237)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;900,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt; Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The effect of other derivative contracts in the Company&#x2019;s Consolidated Statements of Comprehensive Income (Loss) is as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.053%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.686%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.810%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(14,355)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;44,533&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,178&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,600)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,600)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(86,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(317,103)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(403,459)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,859&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,859&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(372,022)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For the three months ended March 31, 2025, includes $9.0 million of realized gain related to SOFR futures options.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.053%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.686%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.810%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,615)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,898&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,283&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,631&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,631&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,680)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;145,709&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;137,029&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,613)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,613)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;167,330&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For the three months ended March 31, 2024, includes $1.2 million of unrealized gain related to SOFR futures options.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Certain of the Company&#x2019;s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events such as (i) a decline in stockholders&#x2019; equity in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company&#x2019;s failure to maintain its REIT status, (iii) the Company&#x2019;s failure to comply with limits on the amount of leverage, and (iv) the Company&#x2019;s stock being delisted from the New York Stock Exchange. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Upon the occurrence of any one of items (i) through (iv), or another default under the agreement, the counterparty to the applicable agreement has a right to terminate the agreement in accordance with its provisions. The aggregate fair value of all derivative instruments with the aforementioned features were in a net liability position at&#160;March 31, 2025 of $115.1&#160;million, which represents the maximum amount the Company would be required to pay upon termination. This amount is fully collateralized.&lt;/span&gt;&lt;/div&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
    <nly:DerivativeInstrumentsVariationMarginonCollateral contextRef="c-56" decimals="-8" id="f-838" unitRef="usd">-2600000000</nly:DerivativeInstrumentsVariationMarginonCollateral>
    <nly:DerivativeInstrumentsVariationMarginonCollateral contextRef="c-57" decimals="-8" id="f-839" unitRef="usd">-3300000000</nly:DerivativeInstrumentsVariationMarginonCollateral>
    <us-gaap:ScheduleOfDerivativeInstrumentsTextBlock contextRef="c-1" id="f-840">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes fair value information about the Company&#x2019;s derivative assets and liabilities at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.061%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:2.192%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.246%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.554%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.247%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivatives Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,595&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;35,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,635&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;67,257&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;225,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,467&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,539&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;181,065&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;59,586&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="15" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsTextBlock>
    <us-gaap:InterestRateDerivativeAssetsAtFairValue contextRef="c-56" decimals="-3" id="f-841" unitRef="usd">8012000</us-gaap:InterestRateDerivativeAssetsAtFairValue>
    <us-gaap:InterestRateDerivativeAssetsAtFairValue contextRef="c-57" decimals="-3" id="f-842" unitRef="usd">21226000</us-gaap:InterestRateDerivativeAssetsAtFairValue>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-182" decimals="-3" id="f-843" unitRef="usd">7595000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-183" decimals="-3" id="f-844" unitRef="usd">0</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-184" decimals="-3" id="f-845" unitRef="usd">35095000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-185" decimals="-3" id="f-846" unitRef="usd">8635000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-186" decimals="-3" id="f-847" unitRef="usd">5597000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-187" decimals="-3" id="f-848" unitRef="usd">190980000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-188" decimals="-3" id="f-849" unitRef="usd">10958000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeFairValueOfDerivativeAsset contextRef="c-189" decimals="-3" id="f-850" unitRef="usd">4510000</us-gaap:DerivativeFairValueOfDerivativeAsset>
    <us-gaap:DerivativeAssets contextRef="c-7" decimals="-3" id="f-851" unitRef="usd">67257000</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeAssets contextRef="c-8" decimals="-3" id="f-852" unitRef="usd">225351000</us-gaap:DerivativeAssets>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-7" decimals="-3" id="f-853" unitRef="usd">18455000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-8" decimals="-3" id="f-854" unitRef="usd">7212000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-184" decimals="-3" id="f-855" unitRef="usd">12467000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-185" decimals="-3" id="f-856" unitRef="usd">30539000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-186" decimals="-3" id="f-857" unitRef="usd">148371000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-187" decimals="-3" id="f-858" unitRef="usd">16650000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-188" decimals="-3" id="f-859" unitRef="usd">1772000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeFairValueOfDerivativeLiability contextRef="c-189" decimals="-3" id="f-860" unitRef="usd">5185000</us-gaap:DerivativeFairValueOfDerivativeLiability>
    <us-gaap:DerivativeLiabilities contextRef="c-7" decimals="-3" id="f-861" unitRef="usd">181065000</us-gaap:DerivativeLiabilities>
    <us-gaap:DerivativeLiabilities contextRef="c-8" decimals="-3" id="f-862" unitRef="usd">59586000</us-gaap:DerivativeLiabilities>
    <us-gaap:ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock contextRef="c-1" id="f-863">&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s interest rate swaps at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:35.250%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:11.214%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.368%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.541%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.709%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Notional &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Pay Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Receive Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Years to Maturity&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0 - 3 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,483,937&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.27&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.40&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1.72&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3 - 6 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,678,730&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.96&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.41&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.61&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6 - 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;19,698,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.61&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.48&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7.37&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,591,381&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.38&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.41&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22.96&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total / Weighted average&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;55,452,768&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2.98&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.43&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.79&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Notional &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average &lt;br/&gt;Pay Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Receive Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Years to Maturity&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0 - 3 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,411,229&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.49&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.48&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1.14&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3 - 6 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,764,021&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.15&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.50&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.27&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6 - 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,318,937&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2.55&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.53&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.63&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Greater than 10 years&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,559,384&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.40&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.41&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;23.25&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total / Weighted average&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,053,571&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.11&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.50&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.36&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025, 93% and 7% of the Company&#x2019;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively. As of December 31, 2024, 95% and 5% of the Company&#x2019;s interest rate swaps were linked to SOFR and the Federal funds rate, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;The weighted average years to maturity of payer interest rate swaps is offset by the weighted average years to maturity of receiver interest rate swaps. As such, the net weighted average years to maturity for each maturity bucket may fall outside of the range listed.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-right:45pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s swaptions at March 31, 2025 and December 31, 2024: &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.766%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.417%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.372%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.675%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.698%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.186%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.614%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.982%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Underlying Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Fixed Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Floating Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Months to Expiration&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long pay&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$1,000,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.68%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.83&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9.92&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long receive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:9pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Underlying Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Fixed Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Floating Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Underlying Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average Months to Expiration&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="33" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long pay&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Long receive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;SOFR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s TBA derivatives at March 31, 2025 and December 31, 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.198%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.672%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.137%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.559%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:17.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Purchase and Sale Contracts for Derivative TBAs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Cost Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Market Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,902,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,612,755&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,635,383&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,628&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,902,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,612,755&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,635,383&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,628&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:8pt"&gt;&lt;td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.25pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Purchase and Sale Contracts for Derivative TBAs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Cost Basis&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Implied Market Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase contracts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,237,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,239,001&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,209,341&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(29,660)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Sale contracts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,120,000)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,080,943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,073,187)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,756&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,117,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,158,058&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,136,154&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(21,904)&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables summarize certain characteristics of the Company&#x2019;s futures derivatives at March 31, 2025 and December 31, 2024:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:36.647%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.143%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.143%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.145%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Long&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Short&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average&lt;br/&gt;Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 10 year and greater&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,659,400)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.52&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,659,400)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10.52&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Long&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Notional - Short&lt;br/&gt;Positions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted Average&lt;br/&gt;Years to Maturity&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 2 year&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,511,600&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1.98&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 5 year&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,960,500&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury futures - 10 year and greater&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(9,840,500)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11.05&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,472,100&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(9,840,500)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.11&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock>
    <nly:DerivativeInstrumentsMinimumMaturityPeriod contextRef="c-190" id="f-864">P0Y</nly:DerivativeInstrumentsMinimumMaturityPeriod>
    <nly:DerivativeInstrumentsMaximumMaturityPeriod contextRef="c-190" id="f-865">P3Y</nly:DerivativeInstrumentsMaximumMaturityPeriod>
    <us-gaap:DerivativeNotionalAmount contextRef="c-191" decimals="-3" id="f-866" unitRef="usd">25483937000</us-gaap:DerivativeNotionalAmount>
    <nly:InterestRateSwapsWeightedAveragePayRate contextRef="c-191" decimals="4" id="f-867" unitRef="number">0.0327</nly:InterestRateSwapsWeightedAveragePayRate>
    <nly:InterestRateSwapsWeightedAverageReceiveRate contextRef="c-191" decimals="4" id="f-868" unitRef="number">0.0440</nly:InterestRateSwapsWeightedAverageReceiveRate>
    <us-gaap:DerivativeAverageRemainingMaturity1 contextRef="c-190" id="f-869">P1Y8M19D</us-gaap:DerivativeAverageRemainingMaturity1>
    <nly:DerivativeInstrumentsMinimumMaturityPeriod contextRef="c-192" id="f-870">P3Y</nly:DerivativeInstrumentsMinimumMaturityPeriod>
    <nly:DerivativeInstrumentsMaximumMaturityPeriod contextRef="c-192" id="f-871">P6Y</nly:DerivativeInstrumentsMaximumMaturityPeriod>
    <us-gaap:DerivativeNotionalAmount contextRef="c-193" decimals="-3" id="f-872" unitRef="usd">8678730000</us-gaap:DerivativeNotionalAmount>
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style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amounts Eligible 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Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Amounts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash Collateral&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Amounts&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3,238)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4,774&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaptions, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,595&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,515)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;80&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;35,095&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(23,242)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(11,270)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;583&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,597)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,958&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(16,942)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,513&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,467&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(12,311)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;156&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(5,597)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(142,774)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,772&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amounts Eligible for Offset&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Gross Amounts&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash Collateral&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Amounts&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,138)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;13,088&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,635&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(879)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(929)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,827&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(16,650)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;174,330&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4,510&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(7,212)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;TBA derivatives, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,539&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(19,495)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;11,044&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures contracts, at fair value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(16,650)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,185&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:DerivativeAssetsAndLiabilitiesOffsettingTableTextBlock>
    <us-gaap:DerivativeAssets contextRef="c-56" decimals="-3" id="f-977" unitRef="usd">8012000</us-gaap:DerivativeAssets>
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    <us-gaap:DerivativeLiabilities contextRef="c-184" decimals="-3" id="f-1001" unitRef="usd">12467000</us-gaap:DerivativeLiabilities>
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    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-184" decimals="-3" id="f-1003" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-184" decimals="-3" id="f-1004" unitRef="usd">156000</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-186" decimals="-3" id="f-1005" unitRef="usd">148371000</us-gaap:DerivativeLiabilities>
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    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-186" decimals="-3" id="f-1007" unitRef="usd">142774000</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-186" decimals="-3" id="f-1008" unitRef="usd">0</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-188" decimals="-3" id="f-1009" unitRef="usd">1772000</us-gaap:DerivativeLiabilities>
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    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-188" decimals="-3" id="f-1011" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-188" decimals="-3" id="f-1012" unitRef="usd">1772000</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeAssets contextRef="c-57" decimals="-3" id="f-1013" unitRef="usd">21226000</us-gaap:DerivativeAssets>
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    <us-gaap:DerivativeCollateralObligationToReturnCash contextRef="c-57" decimals="-3" id="f-1015" unitRef="usd">0</us-gaap:DerivativeCollateralObligationToReturnCash>
    <us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral contextRef="c-57" decimals="-3" id="f-1016" unitRef="usd">13088000</us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeAssets contextRef="c-185" decimals="-3" id="f-1017" unitRef="usd">8635000</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeCollateralObligationToReturnSecurities contextRef="c-185" decimals="-3" id="f-1018" unitRef="usd">879000</us-gaap:DerivativeCollateralObligationToReturnSecurities>
    <us-gaap:DerivativeCollateralObligationToReturnCash contextRef="c-185" decimals="-3" id="f-1019" unitRef="usd">929000</us-gaap:DerivativeCollateralObligationToReturnCash>
    <us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral contextRef="c-185" decimals="-3" id="f-1020" unitRef="usd">6827000</us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeAssets contextRef="c-187" decimals="-3" id="f-1021" unitRef="usd">190980000</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeCollateralObligationToReturnSecurities contextRef="c-187" decimals="-3" id="f-1022" unitRef="usd">16650000</us-gaap:DerivativeCollateralObligationToReturnSecurities>
    <us-gaap:DerivativeCollateralObligationToReturnCash contextRef="c-187" decimals="-3" id="f-1023" unitRef="usd">0</us-gaap:DerivativeCollateralObligationToReturnCash>
    <us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral contextRef="c-187" decimals="-3" id="f-1024" unitRef="usd">174330000</us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeAssets contextRef="c-189" decimals="-3" id="f-1025" unitRef="usd">4510000</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeCollateralObligationToReturnSecurities contextRef="c-189" decimals="-3" id="f-1026" unitRef="usd">0</us-gaap:DerivativeCollateralObligationToReturnSecurities>
    <us-gaap:DerivativeCollateralObligationToReturnCash contextRef="c-189" decimals="-3" id="f-1027" unitRef="usd">0</us-gaap:DerivativeCollateralObligationToReturnCash>
    <us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral contextRef="c-189" decimals="-3" id="f-1028" unitRef="usd">4510000</us-gaap:DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-57" decimals="-3" id="f-1029" unitRef="usd">7212000</us-gaap:DerivativeLiabilities>
    <us-gaap:DerivativeCollateralRightToReclaimSecurities contextRef="c-57" decimals="-3" id="f-1030" unitRef="usd">7212000</us-gaap:DerivativeCollateralRightToReclaimSecurities>
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    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-57" decimals="-3" id="f-1032" unitRef="usd">0</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-185" decimals="-3" id="f-1033" unitRef="usd">30539000</us-gaap:DerivativeLiabilities>
    <us-gaap:DerivativeCollateralRightToReclaimSecurities contextRef="c-185" decimals="-3" id="f-1034" unitRef="usd">19495000</us-gaap:DerivativeCollateralRightToReclaimSecurities>
    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-185" decimals="-3" id="f-1035" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-185" decimals="-3" id="f-1036" unitRef="usd">11044000</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-187" decimals="-3" id="f-1037" unitRef="usd">16650000</us-gaap:DerivativeLiabilities>
    <us-gaap:DerivativeCollateralRightToReclaimSecurities contextRef="c-187" decimals="-3" id="f-1038" unitRef="usd">16650000</us-gaap:DerivativeCollateralRightToReclaimSecurities>
    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-187" decimals="-3" id="f-1039" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-187" decimals="-3" id="f-1040" unitRef="usd">0</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <us-gaap:DerivativeLiabilities contextRef="c-189" decimals="-3" id="f-1041" unitRef="usd">5185000</us-gaap:DerivativeLiabilities>
    <us-gaap:DerivativeCollateralRightToReclaimSecurities contextRef="c-189" decimals="-3" id="f-1042" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimSecurities>
    <us-gaap:DerivativeCollateralRightToReclaimCash contextRef="c-189" decimals="-3" id="f-1043" unitRef="usd">0</us-gaap:DerivativeCollateralRightToReclaimCash>
    <us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral contextRef="c-189" decimals="-3" id="f-1044" unitRef="usd">5185000</us-gaap:DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral>
    <nly:ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock contextRef="c-1" id="f-1045">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The effect of interest rate swaps in the Consolidated Statements of Comprehensive Income (Loss) is as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:81.578%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.696%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.451%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.696%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:23.455%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Location on Consolidated Statements of Comprehensive Income (Loss)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net Interest Component of Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gains (Losses) on Termination of Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gains (Losses) on Interest Rate Swaps &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the three months ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;191,545&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(43,789)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(753,601)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;330,149&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(21,237)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;900,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt; Included in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The effect of other derivative contracts in the Company&#x2019;s Consolidated Statements of Comprehensive Income (Loss) is as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:18pt;padding-right:18pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.053%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.686%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.810%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(14,355)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;44,533&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,178&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,600)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(8,600)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(86,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(317,103)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(403,459)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,859&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,859&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(372,022)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For the three months ended March 31, 2025, includes $9.0 million of realized gain related to SOFR futures options.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.070%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.053%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.686%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.810%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.736%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.179%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative Instruments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Realized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unrealized Gain (Loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Amount of Gain/(Loss) Recognized in Net Gains (Losses) on Other Derivatives&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net TBA derivatives&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,615)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;14,898&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;6,283&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net interest rate swaptions&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,631&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30,631&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Futures &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(8,680)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;145,709&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;137,029&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Purchase commitments&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,613)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,613)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;167,330&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="18" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="margin-bottom:2pt;padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For the three months ended March 31, 2024, includes $1.2 million of unrealized gain related to SOFR futures options.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfDerivativeInstrumentsInStatementOfOperationsAndComprehensiveIncomeTableTextBlock>
    <nly:GainLossOnRealizedInterestRateSwaps contextRef="c-1" decimals="-3" id="f-1046" unitRef="usd">191545000</nly:GainLossOnRealizedInterestRateSwaps>
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    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-1" decimals="-3" id="f-1048" unitRef="usd">-753601000</us-gaap:UnrealizedGainLossOnDerivatives>
    <nly:GainLossOnRealizedInterestRateSwaps contextRef="c-17" decimals="-3" id="f-1049" unitRef="usd">330149000</nly:GainLossOnRealizedInterestRateSwaps>
    <nly:GainLossOnTerminationOfInterestRateSwaps contextRef="c-17" decimals="-3" id="f-1050" unitRef="usd">-21237000</nly:GainLossOnTerminationOfInterestRateSwaps>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-17" decimals="-3" id="f-1051" unitRef="usd">900902000</us-gaap:UnrealizedGainLossOnDerivatives>
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    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-222" decimals="-3" id="f-1053" unitRef="usd">44533000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-222" decimals="-3" id="f-1054" unitRef="usd">30178000</us-gaap:DerivativeGainLossOnDerivativeNet>
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    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-246" decimals="-3" id="f-1056" unitRef="usd">-8600000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-246" decimals="-3" id="f-1057" unitRef="usd">-8600000</us-gaap:DerivativeGainLossOnDerivativeNet>
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    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-247" decimals="-3" id="f-1060" unitRef="usd">-403459000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <nly:RealizedGainLossOnDerivatives contextRef="c-248" decimals="-3" id="f-1061" unitRef="usd">0</nly:RealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-248" decimals="-3" id="f-1062" unitRef="usd">9859000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-248" decimals="-3" id="f-1063" unitRef="usd">9859000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-1" decimals="-3" id="f-1064" unitRef="usd">-372022000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <nly:RealizedGainLossOnDerivatives contextRef="c-249" decimals="-5" id="f-1065" unitRef="usd">9000000.0</nly:RealizedGainLossOnDerivatives>
    <nly:RealizedGainLossOnDerivatives contextRef="c-250" decimals="-3" id="f-1066" unitRef="usd">-8615000</nly:RealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-250" decimals="-3" id="f-1067" unitRef="usd">14898000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-250" decimals="-3" id="f-1068" unitRef="usd">6283000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <nly:RealizedGainLossOnDerivatives contextRef="c-251" decimals="-3" id="f-1069" unitRef="usd">0</nly:RealizedGainLossOnDerivatives>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-251" decimals="-3" id="f-1070" unitRef="usd">30631000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-251" decimals="-3" id="f-1071" unitRef="usd">30631000</us-gaap:DerivativeGainLossOnDerivativeNet>
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    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-252" decimals="-3" id="f-1073" unitRef="usd">145709000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-252" decimals="-3" id="f-1074" unitRef="usd">137029000</us-gaap:DerivativeGainLossOnDerivativeNet>
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    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-253" decimals="-3" id="f-1076" unitRef="usd">-6613000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-253" decimals="-3" id="f-1077" unitRef="usd">-6613000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="c-17" decimals="-3" id="f-1078" unitRef="usd">167330000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:UnrealizedGainLossOnDerivatives contextRef="c-254" decimals="-5" id="f-1079" unitRef="usd">1200000</us-gaap:UnrealizedGainLossOnDerivatives>
    <us-gaap:DerivativeNetLiabilityPositionAggregateFairValue contextRef="c-7" decimals="-5" id="f-1080" unitRef="usd">115100000</us-gaap:DerivativeNetLiabilityPositionAggregateFairValue>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="c-1" id="f-1085">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;10. FAIR VALUE MEASUREMENTS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company follows fair value guidance in accordance with GAAP to account for its financial instruments and MSR that are accounted for at fair value. The fair value of a financial instrument and MSR is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;GAAP requires classification of financial instruments and MSR into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level&#160;1) and the lowest priority to unobservable inputs (Level&#160;3).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;If the inputs used to measure the financial instrument and MSR fall within different levels of the hierarchy, the categorization is based on the lowest priority input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value in the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 1 &#x2013; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 2 &#x2013; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Level 3 &#x2013; inputs to the valuation methodology are unobservable and significant to overall fair value.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company&#x2019;s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential Securities, residential mortgage loans, interest rate swap and swaption markets and TBA derivatives are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company&#x2019;s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.&#160;Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral.&#160;Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;For the fair value of debt issued by securitization vehicles, refer to the &#x201c;Variable Interest Entities&#x201d; Note for additional information.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company&#x2019;s financial statements.&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. There were no transfers between levels of the fair value hierarchy during the periods presented.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:43.507%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Commercial mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Mortgage servicing rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;53,648&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,245&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;98,747,860&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;102,026,359&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,239&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;162,610&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,667,496&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;23,583,160&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;26,250,656&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:43.507%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Commercial mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Mortgage servicing rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;13,145&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;204,125&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;95,310,908&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;98,411,022&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35,724&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;52,374&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,487,279&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;20,738,430&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;23,225,709&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Qualitative and Quantitative Information about Level 3 Fair Value Measurements&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company considers unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements are described below. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently from changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. For MSR, in general, increases in the discount, prepayment or delinquency rates or in annual servicing costs in isolation would result in a lower fair value measurement. A decline in interest rates could lead to higher-than-expected prepayments of mortgages underlying the Company&#x2019;s investments in MSR, which in turn could result in a decline in the estimated fair value of MSR. Refer to the &#x201c;Mortgage Servicing Rights&#x201d; Note for additional information, including rollforwards.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company&#x2019;s risk management practices that might offset risks inherent in these Level 3 investments.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.233%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.909%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.909%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.770%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.912%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unobservable Input &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range (Weighted Average)&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Discount rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6.2% - 12.2% (8.2%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.4% - 12.4% (8.4%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prepayment rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.4% - 21.3% (5.5%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.7% - 17.2% (5.6%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Delinquency rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.2% - 3.9% (1.2%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.2% - 4.1% (1.3%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Cost to service&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$83 - $98 ($87)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$83 - $99 ($87)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:49.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.471%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Carrying&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Carrying&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$61,659,460&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$61,659,460&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$65,688,923&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$65,688,923&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other secured financing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The carrying values of repurchase agreements and short term other secured financing approximate fair value and are considered Level 2 fair value measurements. Long term other secured financing is valued using Level 2 inputs.&lt;/span&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="c-1" id="f-1086">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company designates its securities as trading, available-for-sale or held-to-maturity depending upon the type of security and the Company&#x2019;s intent and ability to hold such security to maturity. Securities classified as available-for-sale and trading are reported at fair value on a recurring basis.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the three-level fair value hierarchy, with the observability of inputs determining the appropriate level.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Futures contracts and U.S. Treasury securities are valued using quoted prices for identical instruments in active markets and are classified as Level 1. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential Securities, interest rate swaps, swaptions and other derivatives are valued using quoted prices or internally estimated prices for similar assets using internal models. The Company incorporates common market pricing methods, including a spread measurement to the Treasury curve as well as underlying characteristics of the particular security including coupon, prepayment speeds, periodic and life caps, rate reset period and expected life of the security in its estimates of fair value. Fair value estimates for residential mortgage loans are generated by a discounted cash flow model and are primarily based on observable market-based inputs including discount rates, prepayment speeds, delinquency levels, and credit losses. Management reviews and indirectly corroborates its estimates of the fair value derived using internal models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services. Certain liquid asset classes, such as Agency fixed-rate pass-throughs, may be priced using independent sources such as quoted prices for TBA securities.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Residential Securities, residential mortgage loans, interest rate swap and swaption markets and TBA derivatives are considered to be active markets such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives markets and the similarity of the Company&#x2019;s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.&#160;Consequently, the Company has classified Residential Securities, residential mortgage loans, interest rate swaps, swaptions and TBA derivatives as Level 2. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The fair value of commercial mortgage-backed securities classified as available-for-sale is determined based upon quoted prices of similar assets in recent market transactions and requires the application of judgment due to differences in the underlying collateral.&#160;Consequently, commercial mortgage-backed securities carried at fair value are classified as Level 2.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;For the fair value of debt issued by securitization vehicles, refer to the &#x201c;Variable Interest Entities&#x201d; Note for additional information.&lt;/span&gt;&lt;/div&gt;The Company has classified its investments in MSR as Level 3. Fair value estimates for these investments are obtained from models, which use significant unobservable inputs in their valuations. These valuations primarily utilize discounted cash flow models that incorporate unobservable market data inputs including discount rates, prepayment rates, delinquency rates and costs to service. Model valuations are then compared to valuations obtained from third party pricing providers. Management reviews the valuations received from third party pricing providers and uses them as a point of comparison to modeled values. The valuation of MSR requires significant judgment by management and the third party pricing providers. Assumptions used for which there is a lack of observable inputs may significantly impact the resulting fair value and therefore the Company&#x2019;s financial statements.</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="c-1" id="f-1087">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the estimated fair values of financial instruments and MSR measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. There were no transfers between levels of the fair value hierarchy during the periods presented.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:43.507%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;68,329,720&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;521,059&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,451,524&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Commercial mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,061&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,860,555&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Mortgage servicing rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;24,464,281&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,012&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;53,648&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,245&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;98,747,860&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,272,902&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;102,026,359&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,802,193&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,748,273&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,519,125&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;18,455&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;148,371&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,239&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;162,610&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,667,496&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;23,583,160&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;26,250,656&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:43.507%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.135%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:12.140%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="24" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 1&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 2&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Level 3&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;67,434,068&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Credit risk transfer securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;754,915&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-Agency mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,493,186&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Commercial mortgage-backed securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;74,278&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,546,902&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Mortgage servicing rights&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets transferred or pledged to securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,973,188&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,226&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;13,145&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;204,125&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;190,980&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;95,310,908&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,909,134&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;98,411,022&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,540,678&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,154,816&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,470,629&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Derivative liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest rate swaps&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,212&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other derivatives&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;16,650&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35,724&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;52,374&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,487,279&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;20,738,430&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;23,225,709&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
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    <us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1089" unitRef="usd">68329720000</us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure>
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    <us-gaap:DerivativeAssets contextRef="c-278" decimals="-3" id="f-1117" unitRef="usd">8012000</us-gaap:DerivativeAssets>
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    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-257" decimals="-3" id="f-1120" unitRef="usd">5597000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1121" unitRef="usd">53648000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
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    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-260" decimals="-3" id="f-1123" unitRef="usd">59245000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-257" decimals="-3" id="f-1124" unitRef="usd">5597000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1125" unitRef="usd">98747860000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-259" decimals="-3" id="f-1126" unitRef="usd">3272902000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-260" decimals="-3" id="f-1127" unitRef="usd">102026359000</nly:FinancialAssetsFairValueDisclosure>
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    <nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1129" unitRef="usd">21802193000</nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure>
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    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-257" decimals="-3" id="f-1132" unitRef="usd">0</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-258" decimals="-3" id="f-1133" unitRef="usd">1748273000</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
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    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-257" decimals="-3" id="f-1136" unitRef="usd">2519125000</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
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    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-260" decimals="-3" id="f-1139" unitRef="usd">2519125000</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-257" decimals="-3" id="f-1140" unitRef="usd">0</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-258" decimals="-3" id="f-1141" unitRef="usd">18455000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-259" decimals="-3" id="f-1142" unitRef="usd">0</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-260" decimals="-3" id="f-1143" unitRef="usd">18455000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-257" decimals="-3" id="f-1144" unitRef="usd">148371000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1145" unitRef="usd">14239000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-259" decimals="-3" id="f-1146" unitRef="usd">0</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-260" decimals="-3" id="f-1147" unitRef="usd">162610000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-257" decimals="-3" id="f-1148" unitRef="usd">2667496000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-258" decimals="-3" id="f-1149" unitRef="usd">23583160000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-259" decimals="-3" id="f-1150" unitRef="usd">0</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-260" decimals="-3" id="f-1151" unitRef="usd">26250656000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1152" unitRef="usd">0</us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure>
    <us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1153" unitRef="usd">67434068000</us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure>
    <us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1154" unitRef="usd">0</us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure>
    <us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1155" unitRef="usd">67434068000</us-gaap:MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure>
    <us-gaap:FinancialInstrumentsOwnedOtherAtFairValue contextRef="c-281" decimals="-3" id="f-1156" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedOtherAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedOtherAtFairValue contextRef="c-282" decimals="-3" id="f-1157" unitRef="usd">754915000</us-gaap:FinancialInstrumentsOwnedOtherAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedOtherAtFairValue contextRef="c-283" decimals="-3" id="f-1158" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedOtherAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedOtherAtFairValue contextRef="c-284" decimals="-3" id="f-1159" unitRef="usd">754915000</us-gaap:FinancialInstrumentsOwnedOtherAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-285" decimals="-3" id="f-1160" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-286" decimals="-3" id="f-1161" unitRef="usd">1493186000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-287" decimals="-3" id="f-1162" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-288" decimals="-3" id="f-1163" unitRef="usd">1493186000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-289" decimals="-3" id="f-1164" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-290" decimals="-3" id="f-1165" unitRef="usd">74278000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-291" decimals="-3" id="f-1166" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue contextRef="c-292" decimals="-3" id="f-1167" unitRef="usd">74278000</us-gaap:FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-293" decimals="-3" id="f-1168" unitRef="usd">0</nly:MortgageLoansFairValueDisclosure>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-294" decimals="-3" id="f-1169" unitRef="usd">3546902000</nly:MortgageLoansFairValueDisclosure>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-295" decimals="-3" id="f-1170" unitRef="usd">0</nly:MortgageLoansFairValueDisclosure>
    <nly:MortgageLoansFairValueDisclosure contextRef="c-296" decimals="-3" id="f-1171" unitRef="usd">3546902000</nly:MortgageLoansFairValueDisclosure>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-281" decimals="-3" id="f-1172" unitRef="usd">0</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-282" decimals="-3" id="f-1173" unitRef="usd">0</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-283" decimals="-3" id="f-1174" unitRef="usd">2909134000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:ServicingAssetAtFairValueAmount contextRef="c-284" decimals="-3" id="f-1175" unitRef="usd">2909134000</us-gaap:ServicingAssetAtFairValueAmount>
    <us-gaap:FinancialInstrumentsOwnedAtFairValue contextRef="c-297" decimals="-3" id="f-1176" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedAtFairValue contextRef="c-298" decimals="-3" id="f-1177" unitRef="usd">21973188000</us-gaap:FinancialInstrumentsOwnedAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedAtFairValue contextRef="c-299" decimals="-3" id="f-1178" unitRef="usd">0</us-gaap:FinancialInstrumentsOwnedAtFairValue>
    <us-gaap:FinancialInstrumentsOwnedAtFairValue contextRef="c-300" decimals="-3" id="f-1179" unitRef="usd">21973188000</us-gaap:FinancialInstrumentsOwnedAtFairValue>
    <us-gaap:DerivativeAssets contextRef="c-301" decimals="-3" id="f-1180" unitRef="usd">0</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeAssets contextRef="c-302" decimals="-3" id="f-1181" unitRef="usd">21226000</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeAssets contextRef="c-303" decimals="-3" id="f-1182" unitRef="usd">0</us-gaap:DerivativeAssets>
    <us-gaap:DerivativeAssets contextRef="c-304" decimals="-3" id="f-1183" unitRef="usd">21226000</us-gaap:DerivativeAssets>
    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1184" unitRef="usd">190980000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1185" unitRef="usd">13145000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1186" unitRef="usd">0</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1187" unitRef="usd">204125000</nly:OtherDerivativeFinancialInstrumentsAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1188" unitRef="usd">190980000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1189" unitRef="usd">95310908000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1190" unitRef="usd">2909134000</nly:FinancialAssetsFairValueDisclosure>
    <nly:FinancialAssetsFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1191" unitRef="usd">98411022000</nly:FinancialAssetsFairValueDisclosure>
    <nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1192" unitRef="usd">0</nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure>
    <nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1193" unitRef="usd">19540678000</nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure>
    <nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1194" unitRef="usd">0</nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure>
    <nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1195" unitRef="usd">19540678000</nly:SecuritizedDebtOfConsolidatedVieFairValueDisclosure>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-281" decimals="-3" id="f-1196" unitRef="usd">0</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-282" decimals="-3" id="f-1197" unitRef="usd">1154816000</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-283" decimals="-3" id="f-1198" unitRef="usd">0</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount contextRef="c-284" decimals="-3" id="f-1199" unitRef="usd">1154816000</us-gaap:ParticipatingMortgageLoansParticipationLiabilitiesAmount>
    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-281" decimals="-3" id="f-1200" unitRef="usd">2470629000</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-282" decimals="-3" id="f-1201" unitRef="usd">0</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-283" decimals="-3" id="f-1202" unitRef="usd">0</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
    <us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue contextRef="c-284" decimals="-3" id="f-1203" unitRef="usd">2470629000</us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-281" decimals="-3" id="f-1204" unitRef="usd">0</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-282" decimals="-3" id="f-1205" unitRef="usd">7212000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-283" decimals="-3" id="f-1206" unitRef="usd">0</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <us-gaap:InterestRateDerivativeLiabilitiesAtFairValue contextRef="c-284" decimals="-3" id="f-1207" unitRef="usd">7212000</us-gaap:InterestRateDerivativeLiabilitiesAtFairValue>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1208" unitRef="usd">16650000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1209" unitRef="usd">35724000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1210" unitRef="usd">0</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1211" unitRef="usd">52374000</nly:OtherDerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-281" decimals="-3" id="f-1212" unitRef="usd">2487279000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-282" decimals="-3" id="f-1213" unitRef="usd">20738430000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-283" decimals="-3" id="f-1214" unitRef="usd">0</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FinancialLiabilitiesFairValueDisclosure contextRef="c-284" decimals="-3" id="f-1215" unitRef="usd">23225709000</us-gaap:FinancialLiabilitiesFairValueDisclosure>
    <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock contextRef="c-1" id="f-1216">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents information about the significant unobservable inputs used for recurring fair value measurements for Level 3 MSR. The table does not give effect to the Company&#x2019;s risk management practices that might offset risks inherent in these Level 3 investments.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.233%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.909%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.909%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.770%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.912%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Unobservable Input &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Range (Weighted Average)&lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Discount rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6.2% - 12.2% (8.2%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7.4% - 12.4% (8.4%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prepayment rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;4.4% - 21.3% (5.5%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;4.7% - 17.2% (5.6%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Delinquency rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.2% - 3.9% (1.2%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.2% - 4.1% (1.3%)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Cost to service&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$83 - $98 ($87)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$83 - $99 ($87)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Represents rates, estimates and assumptions that the Company believes would be used by market participants when valuing these assets.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Weighted average discount rate computed based on the fair value of MSR, weighted average prepayment rate, delinquency rate and cost to service based on unpaid principal balances of loans underlying the MSR.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
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    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-306"
      decimals="3"
      id="f-1218"
      unitRef="number">0.122</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-307"
      decimals="3"
      id="f-1219"
      unitRef="number">0.082</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-308"
      decimals="3"
      id="f-1220"
      unitRef="number">0.074</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-309"
      decimals="3"
      id="f-1221"
      unitRef="number">0.124</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-310"
      decimals="3"
      id="f-1222"
      unitRef="number">0.084</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-311"
      decimals="3"
      id="f-1223"
      unitRef="number">0.044</us-gaap:ServicingAssetMeasurementInput>
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      contextRef="c-312"
      decimals="3"
      id="f-1224"
      unitRef="number">0.213</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-313"
      decimals="3"
      id="f-1225"
      unitRef="number">0.055</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-314"
      decimals="3"
      id="f-1226"
      unitRef="number">0.047</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-315"
      decimals="3"
      id="f-1227"
      unitRef="number">0.172</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-316"
      decimals="3"
      id="f-1228"
      unitRef="number">0.056</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-317"
      decimals="3"
      id="f-1229"
      unitRef="number">0.002</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-318"
      decimals="3"
      id="f-1230"
      unitRef="number">0.039</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-319"
      decimals="3"
      id="f-1231"
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    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-320"
      decimals="3"
      id="f-1232"
      unitRef="number">0.002</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-321"
      decimals="3"
      id="f-1233"
      unitRef="number">0.041</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput
      contextRef="c-322"
      decimals="3"
      id="f-1234"
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    <us-gaap:ServicingAssetMeasurementInput contextRef="c-323" decimals="INF" id="f-1235" unitRef="usd">83</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput contextRef="c-324" decimals="INF" id="f-1236" unitRef="usd">98</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput contextRef="c-325" decimals="INF" id="f-1237" unitRef="usd">87</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput contextRef="c-326" decimals="INF" id="f-1238" unitRef="usd">83</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput contextRef="c-327" decimals="INF" id="f-1239" unitRef="usd">99</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:ServicingAssetMeasurementInput contextRef="c-328" decimals="INF" id="f-1240" unitRef="usd">87</us-gaap:ServicingAssetMeasurementInput>
    <us-gaap:FairValueByBalanceSheetGroupingTextBlock contextRef="c-1" id="f-1241">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the estimated fair values for financial assets and liabilities that are not carried at fair value at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:49.584%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.467%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.561%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:10.471%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Carrying&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Carrying&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Fair&lt;br/&gt;Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Financial liabilities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$61,659,460&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$61,659,460&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$65,688,923&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$65,688,923&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Other secured financing&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;900,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;750,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
    <us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure contextRef="c-329" decimals="-3" id="f-1242" unitRef="usd">61659460000</us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure>
    <us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure contextRef="c-330" decimals="-3" id="f-1243" unitRef="usd">61659460000</us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure>
    <us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure contextRef="c-331" decimals="-3" id="f-1244" unitRef="usd">65688923000</us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure>
    <us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure contextRef="c-332" decimals="-3" id="f-1245" unitRef="usd">65688923000</us-gaap:SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure>
    <us-gaap:OtherSecuredFinancings contextRef="c-329" decimals="-3" id="f-1246" unitRef="usd">900000000</us-gaap:OtherSecuredFinancings>
    <us-gaap:OtherSecuredFinancings contextRef="c-330" decimals="-3" id="f-1247" unitRef="usd">900000000</us-gaap:OtherSecuredFinancings>
    <us-gaap:OtherSecuredFinancings contextRef="c-331" decimals="-3" id="f-1248" unitRef="usd">750000000</us-gaap:OtherSecuredFinancings>
    <us-gaap:OtherSecuredFinancings contextRef="c-332" decimals="-3" id="f-1249" unitRef="usd">750000000</us-gaap:OtherSecuredFinancings>
    <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="c-1" id="f-1250">&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;11. &#160;INTANGIBLE ASSETS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Intangible assets, net&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Finite life intangible assets are amortized over their expected useful lives. As part of the Company&#x2019;s management internalization transaction, which closed on June 30, 2020, the Company recognized an intangible asset for the acquired assembled workforce of approximately $41.2 million based on the replacement cost of the employee base acquired by the Company. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the activity of finite lived intangible assets for the three months ended March 31, 2025.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.263%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:70.593%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.207%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Intangible Assets, net&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;9,416&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less: amortization expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(673)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,743&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="6" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
    <us-gaap:FinitelivedIntangibleAssetsAcquired1 contextRef="c-333" decimals="-5" id="f-1251" unitRef="usd">41200000</us-gaap:FinitelivedIntangibleAssetsAcquired1>
    <us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock contextRef="c-1" id="f-1252">&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the activity of finite lived intangible assets for the three months ended March 31, 2025.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:55.263%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:70.593%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:27.207%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Intangible Assets, net&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Beginning balance January 1, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;9,416&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less: amortization expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(673)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Ending balance March 31, 2025&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,743&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="6" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
    <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c-8" decimals="-3" id="f-1253" unitRef="usd">9416000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
    <us-gaap:AmortizationOfIntangibleAssets contextRef="c-1" decimals="-3" id="f-1254" unitRef="usd">673000</us-gaap:AmortizationOfIntangibleAssets>
    <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c-7" decimals="-3" id="f-1255" unitRef="usd">8743000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
    <us-gaap:DebtDisclosureTextBlock contextRef="c-1" id="f-1256">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;12. SECURED FINANCING&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Reverse Repurchase and Repurchase Agreements&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt; &#x2013; The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Transfers and Servicing&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;, and has determined that each of the financing agreements should be treated as a secured financing.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company had outstanding $61.7&#160;billion and $65.7&#160;billion of repurchase agreements with weighted average remaining maturities of 50 days and 32 days and weighted average rates of 4.56% and 4.76% at March 31, 2025 and December 31, 2024, respectively. In connection with its residential mortgage loans, the Company has select arrangements with counterparties to enter into repurchase agreements for $3.9 billion with remaining capacity of $2.2 billion at March 31, 2025.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;At March 31, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.955%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.079%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.245%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;CRTs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Non-Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1 day&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,600,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,600,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2 to 29 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,056,765&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;257,622&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;861,199&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,559&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,228,145&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30 to 59 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,680,029&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;51,904&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;709,891&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;15,441,824&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60 to 89 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;20,336,079&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;36,152&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;411,299&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;223,945&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,007,475&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;90 to 119 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;115,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;115,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Over 119 days &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;362,623&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,445,128&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,807,751&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,672,873&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;345,678&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,460,437&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,669,073&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,559&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,200,620&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset in accordance with netting arrangements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.955%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.079%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.245%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;CRTs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Non-Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1 day&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2 to 29 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;28,603,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;405,341&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;861,271&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,010&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;29,936,453&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30 to 59 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34,496,443&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;116,087&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;682,037&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;251,357&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35,545,924&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60 to 89 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;692,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;47,583&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;545,684&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,285,522&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;90 to 119 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60,383&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;62,468&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Over 119 days &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;332,040&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,139,604&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,471,644&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,794,614&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;569,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,481,415&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,390,961&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,010&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,302,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset in accordance with netting arrangements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Less than 1% of repurchase agreements had a remaining maturity over 1 year at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024.&#160;Refer to the &#x201c;Derivative Instruments&#x201d; Note for information related to the effect of netting arrangements on the Company&#x2019;s derivative instruments.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.860%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.551%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Reverse Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Reverse Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Gross amounts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,541,160&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,200,620&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,613,088&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,302,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Netted amounts&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The fair value of collateral received in connection with reverse repurchase agreements as of March 31, 2025 was $2.5&#160;billion, of which the Company sold $2.5&#160;billion. The fair value of collateral received in connection with reverse repurchase agreements as of  December 31, 2024 was $2.6&#160;billion, of which the Company sold $2.5&#160;billion. The amount of collateral sold is reported at fair value in the Company&#x2019;s Consolidated Statements of Financial Condition as U.S. Treasury securities sold, not yet purchased.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Other Secured Financing &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;- As of March 31, 2025, the Company had $1.8&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of March 31, 2025 totaled $900.0 million with maturities ranging between one year to two years. As of December 31, 2024, the Company had $1.6&#160;billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of December 31, 2024 totaled $750.0 million with maturities ranging between one month to two years. The weighted average interest rate of the borrowings was 7.03% and 7.21% as of March 31, 2025 and December 31, 2024, respectively. Borrowings are reported in Other secured financing in the Company&#x2019;s Consolidated Statements of Financial Condition. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Variable Interest Entities&#x201d; Note for additional information on the Company&#x2019;s other secured financing arrangements at December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $68.0 billion and $310.1 million, respectively, at March 31, 2025 and $71.8&#160;billion and $332.7&#160;million, respectively, at December 31, 2024.&lt;/span&gt;&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
    <nly:RepurchaseAgreementsPolicyTextBlock contextRef="c-1" id="f-1257">The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, &lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"&gt;Transfers and Servicing&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;, and has determined that each of the financing agreements should be treated as a secured financing.&lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.&lt;/span&gt;&lt;/div&gt;</nly:RepurchaseAgreementsPolicyTextBlock>
    <us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement contextRef="c-7" decimals="-8" id="f-1258" unitRef="usd">61700000000</us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement contextRef="c-8" decimals="-8" id="f-1259" unitRef="usd">65700000000</us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1 contextRef="c-1" id="f-1260">P50D</us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1>
    <us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1 contextRef="c-334" id="f-1261">P32D</us-gaap:RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1>
    <nly:RepurchaseAgreementsWeightedAverageRates contextRef="c-7" decimals="4" id="f-1262" unitRef="number">0.0456</nly:RepurchaseAgreementsWeightedAverageRates>
    <nly:RepurchaseAgreementsWeightedAverageRates contextRef="c-8" decimals="4" id="f-1263" unitRef="number">0.0476</nly:RepurchaseAgreementsWeightedAverageRates>
    <nly:SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements contextRef="c-7" decimals="-8" id="f-1264" unitRef="usd">3900000000</nly:SecuritiesSoldunderAgreementstoRepurchaseMaximumAvailableUnderCounterpartyArrangements>
    <nly:SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable contextRef="c-7" decimals="-8" id="f-1265" unitRef="usd">2200000000</nly:SecuritiesSoldunderAgreementstoRepurchaseCommitmentsAvailable>
    <nly:ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock contextRef="c-1" id="f-1266">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;At March 31, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types:&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.955%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.079%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.245%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;CRTs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Non-Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1 day&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,600,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;22,600,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2 to 29 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,056,765&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;257,622&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;861,199&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,559&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,228,145&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30 to 59 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,680,029&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;51,904&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;709,891&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;15,441,824&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60 to 89 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;20,336,079&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;36,152&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;411,299&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;223,945&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21,007,475&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;90 to 119 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;115,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;115,425&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Over 119 days &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;362,623&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,445,128&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,807,751&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;59,672,873&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;345,678&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,460,437&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,669,073&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,559&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,200,620&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset in accordance with netting arrangements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.736%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.955%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.079%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.251%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.332%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.571%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.245%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;CRTs&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Non-Agency Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential Mortgage Loans&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Commercial Mortgage-Backed Securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="33" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1 day&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2 to 29 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;28,603,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;405,341&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;861,271&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,010&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;29,936,453&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;30 to 59 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;34,496,443&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;116,087&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;682,037&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;251,357&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;35,545,924&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60 to 89 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;692,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;47,583&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;545,684&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,285,522&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;90 to 119 days&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;60,383&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;62,468&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Over 119 days &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;332,040&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,139,604&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,471,644&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;63,794,614&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;569,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,481,415&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,390,961&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,010&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,302,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#dbdbdb;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset in accordance with netting arrangements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="30" style="background-color:#ffffff;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="36" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Less than 1% of repurchase agreements had a remaining maturity over 1 year at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:ScheduleOfRepurchaseAgreementsRemainingMaturityTableTextBlock>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-335" decimals="-3" id="f-1267" unitRef="usd">22600000000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-336" decimals="-3" id="f-1268" unitRef="usd">0</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-337" decimals="-3" id="f-1269" unitRef="usd">0</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-338" decimals="-3" id="f-1270" unitRef="usd">0</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-339" decimals="-3" id="f-1271" unitRef="usd">0</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-340" decimals="-3" id="f-1272" unitRef="usd">22600000000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-341" decimals="-3" id="f-1273" unitRef="usd">2056765000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
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    <us-gaap:ScheduleOfRepurchaseAgreements contextRef="c-1" id="f-1357">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024.&#160;Refer to the &#x201c;Derivative Instruments&#x201d; Note for information related to the effect of netting arrangements on the Company&#x2019;s derivative instruments.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.473%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:25.860%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.547%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.616%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:16.551%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Reverse Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Reverse Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Repurchase Agreements&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="21" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Gross amounts&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,541,160&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,200,620&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,613,088&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;68,302,011&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Amounts offset&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,541,160)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(2,613,088)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Netted amounts&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;61,659,460&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;65,688,923&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="24" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfRepurchaseAgreements>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross contextRef="c-7" decimals="-3" id="f-1358" unitRef="usd">2541160000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-7" decimals="-3" id="f-1359" unitRef="usd">64200620000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross contextRef="c-8" decimals="-3" id="f-1360" unitRef="usd">2613088000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellGross>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross contextRef="c-8" decimals="-3" id="f-1361" unitRef="usd">68302011000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseGross>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability contextRef="c-7" decimals="-3" id="f-1362" unitRef="usd">2541160000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset contextRef="c-7" decimals="-3" id="f-1363" unitRef="usd">2541160000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability contextRef="c-8" decimals="-3" id="f-1364" unitRef="usd">2613088000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellLiability>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset contextRef="c-8" decimals="-3" id="f-1365" unitRef="usd">2613088000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseAsset>
    <us-gaap:SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement contextRef="c-7" decimals="-3" id="f-1366" unitRef="usd">0</us-gaap:SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement contextRef="c-7" decimals="-3" id="f-1367" unitRef="usd">61659460000</us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement contextRef="c-8" decimals="-3" id="f-1368" unitRef="usd">0</us-gaap:SecurityPurchasedUnderAgreementToResellAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement contextRef="c-8" decimals="-3" id="f-1369" unitRef="usd">65688923000</us-gaap:SecuritySoldUnderAgreementToRepurchaseAfterOffsetSubjectToMasterNettingArrangement>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral contextRef="c-7" decimals="-8" id="f-1370" unitRef="usd">2500000000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral contextRef="c-7" decimals="-8" id="f-1371" unitRef="usd">2500000000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral>
    <us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral contextRef="c-8" decimals="-8" id="f-1372" unitRef="usd">2600000000</us-gaap:SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral>
    <us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral contextRef="c-8" decimals="-8" id="f-1373" unitRef="usd">2500000000</us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral>
    <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c-409" decimals="-8" id="f-1374" unitRef="usd">1800000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
    <us-gaap:OtherSecuredFinancings contextRef="c-7" decimals="-5" id="f-1375" unitRef="usd">900000000.0</us-gaap:OtherSecuredFinancings>
    <nly:DebtInstrumentMaturity contextRef="c-410" id="f-1376">P1Y</nly:DebtInstrumentMaturity>
    <nly:DebtInstrumentMaturity contextRef="c-411" id="f-1377">P2Y</nly:DebtInstrumentMaturity>
    <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c-412" decimals="-8" id="f-1378" unitRef="usd">1600000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
    <us-gaap:OtherSecuredFinancings contextRef="c-8" decimals="-5" id="f-1379" unitRef="usd">750000000.0</us-gaap:OtherSecuredFinancings>
    <nly:DebtInstrumentMaturity contextRef="c-413" id="f-1380">P1M</nly:DebtInstrumentMaturity>
    <nly:DebtInstrumentMaturity contextRef="c-414" id="f-1381">P2Y</nly:DebtInstrumentMaturity>
    <us-gaap:DebtWeightedAverageInterestRate contextRef="c-7" decimals="4" id="f-1382" unitRef="number">0.0703</us-gaap:DebtWeightedAverageInterestRate>
    <us-gaap:DebtWeightedAverageInterestRate contextRef="c-8" decimals="4" id="f-1383" unitRef="number">0.0721</us-gaap:DebtWeightedAverageInterestRate>
    <nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue contextRef="c-7" decimals="-8" id="f-1384" unitRef="usd">68000000000.0</nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue>
    <nly:RepurchaseAgreementsAccruedInterest contextRef="c-7" decimals="-5" id="f-1385" unitRef="usd">310100000</nly:RepurchaseAgreementsAccruedInterest>
    <nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue contextRef="c-8" decimals="-8" id="f-1386" unitRef="usd">71800000000</nly:CollateralHeldOnRepurchaseAgreementsAfterEffectOfInterestRateSwapsFairValue>
    <nly:RepurchaseAgreementsAccruedInterest contextRef="c-8" decimals="-5" id="f-1387" unitRef="usd">332700000</nly:RepurchaseAgreementsAccruedInterest>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c-1" id="f-1388">&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;13. CAPITAL STOCK&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;(A)&#160;&#160;&#160;&#160;Common Stock&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides a summary of the Company&#x2019;s common shares authorized, and issued and outstanding at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.327%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.012%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.757%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.109%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.102%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.109%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.266%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.945%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.775%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.725%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Shares authorized&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Shares issued and outstanding&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Par Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Common stock&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,468,250,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,468,250,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;602,338,286&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;578,357,118&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$0.01&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In January 2022, the Company announced that its Board authorized the repurchase of up to $1.5&#160;billion of its outstanding shares of common stock through December 31, 2024 (the &#x201c;Prior Common Stock Repurchase Program&#x201d;). In January 2025, the Company announced that its Board authorized the repurchase of up to $1.5&#160;billion of its outstanding shares of common stock through December 31, 2029 (the &#x201c;Current Common Stock Repurchase Program&#x201d;). The Current Common Stock Repurchase Program replaced the Prior Common Stock Repurchase Program.  During the three months ended March 31, 2025 and 2024, no shares were repurchased under the Current Common Stock Repurchase Program or the Prior Common Stock Repurchase Program, respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.619%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:64.315%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.615%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.376%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.615%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.379%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;On September 20, 2024, the Company entered into separate Distribution Agency Agreements (collectively, the &#x201c;Prior Sales Agreements&#x201d;) with each of Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Goldman Sachs &amp;amp; Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette &amp;amp; Woods, Inc., Morgan Stanley &amp;amp; Co., LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the &#x201c;Prior Sales Agents&#x201d;). Under the terms of the Prior Sales Agreements, the Company offered and sold shares of its common stock, having an aggregate offering price of up to $1.5&#160;billion, from time to time through any of the Prior Sales Agents (the &#x201c;at-the-market sales program&#x201d;).&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;During the three months ended March 31, 2025, under the at-the-market sales program, the Company issued 23.3&#160;million shares for proceeds of $495.7&#160;million, net of commissions and fees. During the three months ended March 31, 2024, no shares were issued under the at-the-market sales program pursuant to the Prior Sales Agreements; however, the Company incurred costs to maintain the effectiveness of the at-the-market sales program that was in effect at that time.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;(B)&#160;&#160;&#160;&#160;Preferred Stock&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following is a summary of the Company&#x2019;s cumulative redeemable preferred stock outstanding at March 31, 2025 and December 31, 2024. In the event of a liquidation or dissolution of the Company, the Company&#x2019;s then outstanding preferred stock takes precedence over the Company&#x2019;s common stock with respect to payment of dividends and the distribution of assets.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:6.569%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.159%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.159%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:5.537%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.382%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:30pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Shares Authorized&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Shares Issued And Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Contractual Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Earliest Redemption Date &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Effective Date of Floating Rate Dividend Period&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Floating Annual Rate &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:18pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="48" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Fixed-to-floating rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series F&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;28,800,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;28,800,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;28,800,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;28,800,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;696,910&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;696,910&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.95%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;9/30/2022&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;9/30/2022&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.993%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series G&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,000,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,000,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,000,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,000,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;411,335&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;411,335&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.50%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3/31/2023&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3/31/2023&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.172%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series I&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,700,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,700,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,700,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,700,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;428,324&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;428,324&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.75%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6/30/2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6/30/2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.989%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;63,500,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;63,500,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;63,500,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;63,500,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;1,536,569&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;1,536,569&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="48" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="48" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Subject to the Company&#x2019;s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through March 31, 2025, the Company had declared and paid all required quarterly dividends on the Company&#x2019;s preferred stock.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative Preferred Stock rank senior to the common stock of the Company.&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;On December 31, 2024, the Board approved a repurchase plan for all of our existing outstanding Preferred Stock (as defined below) (the &#x201c;Preferred Stock Repurchase Program&#x201d;). Under the terms of the Preferred Stock Repurchase Program, we are authorized to repurchase up to&#160;an aggregate of 63,500,000 shares of Preferred Stock, comprised of up to (i) 28,800,000 shares &lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;of its 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#x201c;Series F Preferred Stock&#x201d;), (ii) 17,000,000 shares of its 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#x201c;Series G Preferred Stock&#x201d;), and (iii) 17,700,000 shares of its 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#x201c;Series I Preferred Stock&#x201d;, and together with Series F Preferred Stock and Series G Preferred Stock, the &#x201c;Preferred Stock&#x201d;). The aggregate liquidation value of the Preferred Stock that may be repurchased by the Company pursuant to the Prior Preferred Stock Repurchase Program, as of November 3, 2022, was approximately $1.6&#160;billion.&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Preferred Stock Repurchase Program became effective on January 1, 2025 and will expire on December 31, 2029, and replaced the Preferred Stock repurchase program, which was effective from November 2, 2022 and expired on December 31, 2024 (the &#x201c;Prior Preferred Stock Repurchase Program&#x201d;). No shares were repurchased with respect to the Preferred Stock Repurchase Program during the three months ended March 31, 2025 and the Prior Preferred Stock Repurchase Program during the three months ended March 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="text-align:justify"&gt;&lt;span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;(C)&#160;&#160;&#160;&#160;Distributions to Stockholders&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides a summary of the Company&#x2019;s dividend distribution activity for the periods presented:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.146%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:57.849%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.938%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.772%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.941%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands, except per share data)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends and dividend equivalents declared on common stock and share-based awards&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;423,863&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;326,872&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions declared per common share&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.70&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.65&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions paid to common stockholders after period end&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions paid per common share after period end&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.70&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.65&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Date of distributions paid to common stockholders after period end&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;April 30, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;April 30, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series F preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,250&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series F preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.599&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.663&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series G preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,310&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10,509&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series G preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.548&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.618&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series I preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,467&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series I preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.599&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.422&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:ScheduleOfStockByClassTextBlock contextRef="c-1" id="f-1389">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides a summary of the Company&#x2019;s common shares authorized, and issued and outstanding at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:89.327%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:20.012%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.757%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.109%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.102%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.109%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:15.266%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.945%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:14.775%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.725%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Shares authorized&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Shares issued and outstanding&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Par Value&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Common stock&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,468,250,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,468,250,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;602,338,286&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;578,357,118&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$0.01&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following is a summary of the Company&#x2019;s cumulative redeemable preferred stock outstanding at March 31, 2025 and December 31, 2024. In the event of a liquidation or dissolution of the Company, the Company&#x2019;s then outstanding preferred stock takes precedence over the Company&#x2019;s common stock with respect to payment of dividends and the distribution of assets.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:6.569%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.339%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.389%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.044%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.159%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:7.159%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:5.537%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.382%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:30pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Shares Authorized&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Shares Issued And Outstanding&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Carrying Value&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Contractual Rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Earliest Redemption Date &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Effective Date of Floating Rate Dividend Period&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Floating Annual Rate &lt;/span&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:700;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:18pt"&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;December 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="48" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Fixed-to-floating rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series F&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;28,800,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;28,800,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;28,800,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;28,800,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;696,910&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;696,910&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.95%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;9/30/2022&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;9/30/2022&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.993%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series G&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,000,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,000,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,000,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,000,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;411,335&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;411,335&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.50%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3/31/2023&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3/31/2023&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.172%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;Series I&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,700,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,700,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;17,700,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;17,700,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;428,324&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;428,324&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6.75%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6/30/2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;6/30/2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;3M Term SOFR + 4.989%&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;Total&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;63,500,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;63,500,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;63,500,000&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;63,500,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%"&gt;1,536,569&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%"&gt;1,536,569&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="48" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="48" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Subject to the Company&#x2019;s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; For each series of fixed-to-floating rate cumulative redeemable preferred stock, the floating rate is calculated as 3-month CME Term SOFR (plus a spread adjustment of 0.26161%) plus the spread specified in the prospectus.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfStockByClassTextBlock>
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    <us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="c-420" decimals="-5" id="f-1404" unitRef="usd">495700000</us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
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      id="f-1408"
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      decimals="INF"
      id="f-1451"
      unitRef="shares">17000000</srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased>
    <us-gaap:PreferredStockDividendRatePercentage
      contextRef="c-434"
      decimals="4"
      id="f-1452"
      unitRef="number">0.0650</us-gaap:PreferredStockDividendRatePercentage>
    <us-gaap:PreferredStockParOrStatedValuePerShare
      contextRef="c-426"
      decimals="INF"
      id="f-1453"
      unitRef="usdPerShare">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
    <srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
      contextRef="c-429"
      decimals="INF"
      id="f-1454"
      unitRef="shares">17700000</srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased>
    <us-gaap:PreferredStockDividendRatePercentage
      contextRef="c-435"
      decimals="4"
      id="f-1455"
      unitRef="number">0.0675</us-gaap:PreferredStockDividendRatePercentage>
    <us-gaap:PreferredStockParOrStatedValuePerShare
      contextRef="c-429"
      decimals="INF"
      id="f-1456"
      unitRef="usdPerShare">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
    <srt:StockRepurchaseProgramAuthorizedAmount1 contextRef="c-432" decimals="-8" id="f-1457" unitRef="usd">1600000000</srt:StockRepurchaseProgramAuthorizedAmount1>
    <us-gaap:DividendsDeclaredTableTextBlock contextRef="c-1" id="f-1458">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides a summary of the Company&#x2019;s dividend distribution activity for the periods presented:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.146%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:57.849%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.938%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.772%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.941%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands, except per share data)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends and dividend equivalents declared on common stock and share-based awards&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;423,863&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;326,872&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions declared per common share&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.70&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.65&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions paid to common stockholders after period end&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Distributions paid per common share after period end&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.70&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.65&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Date of distributions paid to common stockholders after period end&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;April 30, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;April 30, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series F preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,250&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;19,085&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series F preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.599&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.663&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series G preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,310&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;10,509&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series G preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.548&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.618&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared to series I preferred stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;10,597&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;7,467&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends declared per share of series I preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.599&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.422&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DividendsDeclaredTableTextBlock>
    <us-gaap:DividendsCommonStockCash contextRef="c-1" decimals="-3" id="f-1459" unitRef="usd">423863000</us-gaap:DividendsCommonStockCash>
    <us-gaap:DividendsCommonStockCash contextRef="c-17" decimals="-3" id="f-1460" unitRef="usd">326872000</us-gaap:DividendsCommonStockCash>
    <us-gaap:CommonStockDividendsPerShareDeclared
      contextRef="c-1"
      decimals="2"
      id="f-1461"
      unitRef="usdPerShare">0.70</us-gaap:CommonStockDividendsPerShareDeclared>
    <us-gaap:CommonStockDividendsPerShareDeclared
      contextRef="c-17"
      decimals="2"
      id="f-1462"
      unitRef="usdPerShare">0.65</us-gaap:CommonStockDividendsPerShareDeclared>
    <us-gaap:PaymentsOfDividendsCommonStock contextRef="c-1" decimals="-3" id="f-1463" unitRef="usd">421637000</us-gaap:PaymentsOfDividendsCommonStock>
    <us-gaap:PaymentsOfDividendsCommonStock contextRef="c-17" decimals="-3" id="f-1464" unitRef="usd">325286000</us-gaap:PaymentsOfDividendsCommonStock>
    <us-gaap:CommonStockDividendsPerShareCashPaid
      contextRef="c-1"
      decimals="2"
      id="f-1465"
      unitRef="usdPerShare">0.70</us-gaap:CommonStockDividendsPerShareCashPaid>
    <us-gaap:CommonStockDividendsPerShareCashPaid
      contextRef="c-17"
      decimals="2"
      id="f-1466"
      unitRef="usdPerShare">0.65</us-gaap:CommonStockDividendsPerShareCashPaid>
    <us-gaap:DividendsPreferredStockCash contextRef="c-424" decimals="-3" id="f-1467" unitRef="usd">17250000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:DividendsPreferredStockCash contextRef="c-436" decimals="-3" id="f-1468" unitRef="usd">19085000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-424"
      decimals="3"
      id="f-1469"
      unitRef="usdPerShare">0.599</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-436"
      decimals="3"
      id="f-1470"
      unitRef="usdPerShare">0.663</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:DividendsPreferredStockCash contextRef="c-427" decimals="-3" id="f-1471" unitRef="usd">9310000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:DividendsPreferredStockCash contextRef="c-437" decimals="-3" id="f-1472" unitRef="usd">10509000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-427"
      decimals="3"
      id="f-1473"
      unitRef="usdPerShare">0.548</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-437"
      decimals="3"
      id="f-1474"
      unitRef="usdPerShare">0.618</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:DividendsPreferredStockCash contextRef="c-430" decimals="-3" id="f-1475" unitRef="usd">10597000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:DividendsPreferredStockCash contextRef="c-430" decimals="-3" id="f-1476" unitRef="usd">10597000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:DividendsPreferredStockCash contextRef="c-438" decimals="-3" id="f-1477" unitRef="usd">7467000</us-gaap:DividendsPreferredStockCash>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-430"
      decimals="3"
      id="f-1478"
      unitRef="usdPerShare">0.599</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:PreferredStockDividendsPerShareDeclared
      contextRef="c-438"
      decimals="3"
      id="f-1479"
      unitRef="usdPerShare">0.422</us-gaap:PreferredStockDividendsPerShareDeclared>
    <us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock contextRef="c-1" id="f-1480">&lt;div style="margin-bottom:3pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;14. &#160;INTEREST INCOME AND INTEREST EXPENSE&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Refer to the &#x201c;Significant Accounting Policies&#x201d; Note for details surrounding the Company&#x2019;s accounting policy related to net interest income on securities and loans.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the interest income recognition methodology for Residential Securities:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.947%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:69.270%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.530%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest Income Methodology&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Contractual Cash Flows&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CRT &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the components of the Company&#x2019;s interest income and interest expense for the three months ended March 31, 2025 and 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.181%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:50.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:22.362%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.938%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:22.364%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;820,182&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;751,516&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;40,207&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;55,996&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;426,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;252,016&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial investment portfolio&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,554&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,609&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;31,406&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,317,108&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,094,488&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;760,783&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;897,598&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;283,592&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;161,017&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;27,044&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;20,251&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,718&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;22,073&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,097,137&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,100,939&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;219,971&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,451)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes assets transferred or pledged to securitization vehicles.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock>
    <nly:SummaryOfInterestIncomeRecognitionMethodologyForResidentialInvestmentSecuritiesTableTextBlock contextRef="c-1" id="f-1481">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table summarizes the interest income recognition methodology for Residential Securities:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:78.947%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:69.270%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:28.530%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest Income Methodology&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Fixed-rate pass-through &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Adjustable-rate pass-through &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Multifamily &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Contractual Cash Flows&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CMO &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:center"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Effective yield &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse mortgages &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest-only &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Residential credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;CRT &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Alt-A &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Subprime &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;NPL/RPL &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:4.5pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prime jumbo &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Prospective&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="6" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Changes in fair value are recognized in Other comprehensive income (loss) in the accompanying Consolidated Statements of Comprehensive Income (Loss) for securities purchased prior to July 1, 2022. Effective July 1, 2022, changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss) for newly purchased securities.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(2) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Changes in fair value are recognized in Net gains (losses) on investments and other in the accompanying Consolidated Statements of Comprehensive Income (Loss).&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(3) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;Effective yield is recalculated for differences between estimated and actual prepayments and the amortized cost is adjusted as if the new effective yield had been applied since inception.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:SummaryOfInterestIncomeRecognitionMethodologyForResidentialInvestmentSecuritiesTableTextBlock>
    <us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock contextRef="c-1" id="f-1482">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents the components of the Company&#x2019;s interest income and interest expense for the three months ended March 31, 2025 and 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.181%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:50.836%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:22.362%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.938%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:22.364%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Agency securities&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;820,182&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;751,516&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential credit securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;40,207&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;55,996&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Residential mortgage loans&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;426,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;252,016&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Commercial investment portfolio&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,554&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reverse repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;29,609&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;31,406&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,317,108&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,094,488&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Repurchase agreements&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;760,783&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;897,598&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Debt issued by securitization vehicles&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;283,592&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;161,017&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Participations issued&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;27,044&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;20,251&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;U.S. Treasury securities sold, not yet purchased&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;25,718&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;22,073&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,097,137&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,100,939&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;219,971&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,451)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="12" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1)&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt; Includes assets transferred or pledged to securitization vehicles.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock>
    <nly:InterestIncomeAgencySecurityLoans contextRef="c-1" decimals="-3" id="f-1483" unitRef="usd">820182000</nly:InterestIncomeAgencySecurityLoans>
    <nly:InterestIncomeAgencySecurityLoans contextRef="c-17" decimals="-3" id="f-1484" unitRef="usd">751516000</nly:InterestIncomeAgencySecurityLoans>
    <nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures contextRef="c-1" decimals="-3" id="f-1485" unitRef="usd">40207000</nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures>
    <nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures contextRef="c-17" decimals="-3" id="f-1486" unitRef="usd">55996000</nly:InterestIncomeSecuritiesMortgageBackedAndAgencyDebentures>
    <nly:InterestIncomeResidentialMortgageLoans contextRef="c-1" decimals="-3" id="f-1487" unitRef="usd">426055000</nly:InterestIncomeResidentialMortgageLoans>
    <nly:InterestIncomeResidentialMortgageLoans contextRef="c-17" decimals="-3" id="f-1488" unitRef="usd">252016000</nly:InterestIncomeResidentialMortgageLoans>
    <nly:InterestIncomeCommercialRealEstateDebtAndPreferredEquity contextRef="c-1" decimals="-3" id="f-1489" unitRef="usd">1055000</nly:InterestIncomeCommercialRealEstateDebtAndPreferredEquity>
    <nly:InterestIncomeCommercialRealEstateDebtAndPreferredEquity contextRef="c-17" decimals="-3" id="f-1490" unitRef="usd">3554000</nly:InterestIncomeCommercialRealEstateDebtAndPreferredEquity>
    <us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell contextRef="c-1" decimals="-3" id="f-1491" unitRef="usd">29609000</us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell>
    <us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell contextRef="c-17" decimals="-3" id="f-1492" unitRef="usd">31406000</us-gaap:InterestIncomeSecuritiesPurchasedUnderAgreementsToResell>
    <us-gaap:InterestIncomeOperating contextRef="c-1" decimals="-3" id="f-1493" unitRef="usd">1317108000</us-gaap:InterestIncomeOperating>
    <us-gaap:InterestIncomeOperating contextRef="c-17" decimals="-3" id="f-1494" unitRef="usd">1094488000</us-gaap:InterestIncomeOperating>
    <nly:InterestPaidOnRepurchaseAgreements contextRef="c-1" decimals="-3" id="f-1495" unitRef="usd">760783000</nly:InterestPaidOnRepurchaseAgreements>
    <nly:InterestPaidOnRepurchaseAgreements contextRef="c-17" decimals="-3" id="f-1496" unitRef="usd">897598000</nly:InterestPaidOnRepurchaseAgreements>
    <nly:InterestExpenseSecuritizedDebtOfConsolidatedVie contextRef="c-1" decimals="-3" id="f-1497" unitRef="usd">283592000</nly:InterestExpenseSecuritizedDebtOfConsolidatedVie>
    <nly:InterestExpenseSecuritizedDebtOfConsolidatedVie contextRef="c-17" decimals="-3" id="f-1498" unitRef="usd">161017000</nly:InterestExpenseSecuritizedDebtOfConsolidatedVie>
    <nly:InterestExpenseParticipationSold contextRef="c-1" decimals="-3" id="f-1499" unitRef="usd">27044000</nly:InterestExpenseParticipationSold>
    <nly:InterestExpenseParticipationSold contextRef="c-17" decimals="-3" id="f-1500" unitRef="usd">20251000</nly:InterestExpenseParticipationSold>
    <us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase contextRef="c-1" decimals="-3" id="f-1501" unitRef="usd">25718000</us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase>
    <us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase contextRef="c-17" decimals="-3" id="f-1502" unitRef="usd">22073000</us-gaap:InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase>
    <us-gaap:InterestExpense contextRef="c-1" decimals="-3" id="f-1503" unitRef="usd">1097137000</us-gaap:InterestExpense>
    <us-gaap:InterestExpense contextRef="c-17" decimals="-3" id="f-1504" unitRef="usd">1100939000</us-gaap:InterestExpense>
    <us-gaap:InterestIncomeExpenseNet contextRef="c-1" decimals="-3" id="f-1505" unitRef="usd">219971000</us-gaap:InterestIncomeExpenseNet>
    <us-gaap:InterestIncomeExpenseNet contextRef="c-17" decimals="-3" id="f-1506" unitRef="usd">-6451000</us-gaap:InterestIncomeExpenseNet>
    <us-gaap:EarningsPerShareTextBlock contextRef="c-1" id="f-1507">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;15. &#160;NET INCOME (LOSS) PER COMMON SHARE&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three months ended March 31, 2025 and 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.730%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.166%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.784%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.765%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.785%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands, except per share data)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,305&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;465,174&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly &lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;124,224&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;462,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,067&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;425,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted average shares of common stock outstanding-basic&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;587,149,704&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;500,612,840&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Add: Effect of stock awards, if dilutive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,271,294&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;569,203&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted average shares of common&#160; stock outstanding-diluted&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;588,420,998&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;501,182,043&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) per share available (related) to common share&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Basic&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.15&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.85&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Diluted&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.15&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.85&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;                           &lt;/span&gt;&lt;/div&gt;There were no potentially dilutive restricted stock units or performance stock units for the three months ended March 31, 2025. The computations of diluted net income (loss) per share available (related) to common share for the three months ended March 31, 2024 exclude 1.5 million of potentially dilutive restricted stock units and performance stock units because their effect would have been anti-dilutive.</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="c-1" id="f-1508">&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per share for the three months ended March 31, 2025 and 2024.&lt;/span&gt;&lt;div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center;text-indent:-9pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.730%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.166%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.784%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.765%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.785%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands, except per share data)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,305&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;465,174&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Net income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly &lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;124,224&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;462,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,067&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;425,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted average shares of common stock outstanding-basic&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;587,149,704&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;500,612,840&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Add: Effect of stock awards, if dilutive&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,271,294&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;569,203&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Weighted average shares of common&#160; stock outstanding-diluted&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;588,420,998&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;501,182,043&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) per share available (related) to common share&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Basic&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.15&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.85&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Diluted&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;0.15&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.85&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <us-gaap:ProfitLoss contextRef="c-1" decimals="-3" id="f-1509" unitRef="usd">130305000</us-gaap:ProfitLoss>
    <us-gaap:ProfitLoss contextRef="c-17" decimals="-3" id="f-1510" unitRef="usd">465174000</us-gaap:ProfitLoss>
    <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c-1" decimals="-3" id="f-1511" unitRef="usd">6081000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
    <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c-17" decimals="-3" id="f-1512" unitRef="usd">2282000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
    <us-gaap:NetIncomeLoss contextRef="c-1" decimals="-3" id="f-1513" unitRef="usd">124224000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="c-17" decimals="-3" id="f-1514" unitRef="usd">462892000</us-gaap:NetIncomeLoss>
    <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="c-1" decimals="-3" id="f-1515" unitRef="usd">37157000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
    <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="c-17" decimals="-3" id="f-1516" unitRef="usd">37061000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="c-1" decimals="-3" id="f-1517" unitRef="usd">87067000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="c-17" decimals="-3" id="f-1518" unitRef="usd">425831000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c-1" decimals="0" id="f-1519" unitRef="shares">587149704</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c-17" decimals="0" id="f-1520" unitRef="shares">500612840</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
    <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="c-1" decimals="0" id="f-1521" unitRef="shares">1271294</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
    <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="c-17" decimals="0" id="f-1522" unitRef="shares">569203</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
    <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c-1" decimals="0" id="f-1523" unitRef="shares">588420998</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
    <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c-17" decimals="0" id="f-1524" unitRef="shares">501182043</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
    <us-gaap:EarningsPerShareBasic
      contextRef="c-1"
      decimals="2"
      id="f-1525"
      unitRef="usdPerShare">0.15</us-gaap:EarningsPerShareBasic>
    <us-gaap:EarningsPerShareBasic
      contextRef="c-17"
      decimals="2"
      id="f-1526"
      unitRef="usdPerShare">0.85</us-gaap:EarningsPerShareBasic>
    <us-gaap:EarningsPerShareDiluted
      contextRef="c-1"
      decimals="2"
      id="f-1527"
      unitRef="usdPerShare">0.15</us-gaap:EarningsPerShareDiluted>
    <us-gaap:EarningsPerShareDiluted
      contextRef="c-17"
      decimals="2"
      id="f-1528"
      unitRef="usdPerShare">0.85</us-gaap:EarningsPerShareDiluted>
    <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="c-1" decimals="-5" id="f-1529" unitRef="shares">0</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
    <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
      contextRef="c-17"
      decimals="-5"
      id="f-1530"
      unitRef="shares">1500000</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
    <us-gaap:IncomeTaxDisclosureTextBlock contextRef="c-1" id="f-1531">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;16. &#160;INCOME TAXES&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;For the three months ended March 31, 2025, the Company was qualified to be taxed as a REIT under Code Sections 856 through 860. As a REIT, the Company will not incur federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements that relate to, among other things, assets it may hold, income it may generate and its stockholder composition. It is generally the Company&#x2019;s policy to distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company distributes such shortfall within the next year as permitted by the Code.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company and certain of its direct and indirect subsidiaries, including Annaly TRS, Inc. and certain subsidiaries of joint ventures, have made separate joint elections to treat these subsidiaries as TRSs.&#160;As such, each of these TRSs is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon their taxable income.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The provisions of ASC 740, Income Taxes (&#x201c;ASC 740&#x201d;), clarify the accounting for uncertainty in income taxes recognized in financial statements and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. ASC 740 also requires that interest and penalties related to unrecognized tax benefits be recognized in the financial statements. The Company does not have any unrecognized tax benefits that would affect its financial position. Thus, no accruals for penalties and interest were deemed necessary at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company&#x2019;s status as a REIT and, therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise or business taxes. The Company&#x2019;s TRSs are subject to federal, state and local taxes. The Company&#x2019;s federal, state and local tax returns from 2021 and forward remain open for examination.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;During the three months ended March 31, 2025 and 2024, the Company recorded $8.3 million and ($0.9) million, respectively, of income tax expense (benefit) attributable to its TRSs.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.671%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.750%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.674%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Tax Expense (Benefit)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Federal&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;13&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total current income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;13&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Deferred Tax Expense (Benefit)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Federal&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,222&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(824)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,032&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(119)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total deferred income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,254&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.671%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.750%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.674%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Statutory federal income tax rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21.0&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21.0&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-taxable REIT income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(14.6&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(24.5&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.0&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.0&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;VIE and Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3.5&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.3&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Change in valuation allowance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total provision&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5.9&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(0.2&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025, the Company recorded a net deferred tax asset of $72.6 million resulting primarily from loss carryforwards, securitization gains and unrealized losses on swaps, and a net deferred tax liability of $149.9 million resulting primarily from unrealized gains on MSR, which is included in Other assets and Other liabilities, respectively, in the Consolidated Statements of Financial Condition. As of March 31, 2025, no valuation allowance was established. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025, the Company's TRSs had approximately $61.5 million of net operating loss carryforwards for federal income tax purposes which may be available to offset future taxable income, including approximately $7.9 million of net operating loss carryforwards that are subject to an annual limitation under Internal Revenue Code Section 382 and $53.6 million that can be carried forward indefinitely.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;As of March 31, 2025, the Company's TRSs had approximately $31.5 million of capital loss carryforwards for federal income tax purposes which can be carried back three years and forward up to five years to offset capital gains.&lt;/span&gt;&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
    <nly:PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit contextRef="c-1" decimals="2" id="f-1532" unitRef="number">1</nly:PercentageOfTaxableIncomeRequiredToBeDistributedWhileOperatingAsReit>
    <us-gaap:UnrecognizedTaxBenefits contextRef="c-7" decimals="INF" id="f-1533" unitRef="usd">0</us-gaap:UnrecognizedTaxBenefits>
    <us-gaap:UnrecognizedTaxBenefits contextRef="c-8" decimals="INF" id="f-1534" unitRef="usd">0</us-gaap:UnrecognizedTaxBenefits>
    <us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued contextRef="c-8" decimals="INF" id="f-1535" unitRef="usd">0</us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued>
    <us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued contextRef="c-7" decimals="INF" id="f-1536" unitRef="usd">0</us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued>
    <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="c-1" id="f-1537">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;During the three months ended March 31, 2025 and 2024, the Company recorded $8.3 million and ($0.9) million, respectively, of income tax expense (benefit) attributable to its TRSs.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.671%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.750%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.674%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Current Tax Expense (Benefit)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Federal&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;13&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total current income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;13&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Deferred Tax Expense (Benefit)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Federal&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7,222&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(824)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,032&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(119)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total deferred income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,254&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total income tax expense (benefit)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
    <us-gaap:IncomeTaxExpenseBenefit contextRef="c-439" decimals="-5" id="f-1538" unitRef="usd">8300000</us-gaap:IncomeTaxExpenseBenefit>
    <us-gaap:IncomeTaxExpenseBenefit contextRef="c-440" decimals="-5" id="f-1539" unitRef="usd">-900000</us-gaap:IncomeTaxExpenseBenefit>
    <us-gaap:CurrentFederalTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1540" unitRef="usd">0</us-gaap:CurrentFederalTaxExpenseBenefit>
    <us-gaap:CurrentFederalTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1541" unitRef="usd">0</us-gaap:CurrentFederalTaxExpenseBenefit>
    <us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1542" unitRef="usd">13000</us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
    <us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1543" unitRef="usd">0</us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
    <us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1544" unitRef="usd">13000</us-gaap:CurrentIncomeTaxExpenseBenefit>
    <us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1545" unitRef="usd">0</us-gaap:CurrentIncomeTaxExpenseBenefit>
    <us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1546" unitRef="usd">7222000</us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
    <us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1547" unitRef="usd">-824000</us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
    <us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1548" unitRef="usd">1032000</us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
    <us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1549" unitRef="usd">-119000</us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
    <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1550" unitRef="usd">8254000</us-gaap:DeferredIncomeTaxExpenseBenefit>
    <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1551" unitRef="usd">-943000</us-gaap:DeferredIncomeTaxExpenseBenefit>
    <us-gaap:IncomeTaxExpenseBenefit contextRef="c-1" decimals="-3" id="f-1552" unitRef="usd">8267000</us-gaap:IncomeTaxExpenseBenefit>
    <us-gaap:IncomeTaxExpenseBenefit contextRef="c-17" decimals="-3" id="f-1553" unitRef="usd">-943000</us-gaap:IncomeTaxExpenseBenefit>
    <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="c-1" id="f-1554">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The difference between the Company's reported income tax provision and the U.S. federal statutory rate of 21.0% and state income tax rates is as follows:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:36pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:76.900%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:58.405%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.671%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:0.750%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.674%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="9" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;For the Three Months Ended&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Statutory federal income tax rate&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;21.0&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21.0&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Non-taxable REIT income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(14.6&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(24.5&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;State and local taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3.0&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3.0&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;VIE and Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(3.5&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;0.3&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Change in valuation allowance&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total provision&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5.9&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;%&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#e5e5e5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(0.2&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#e5e5e5;border-right:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;%)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:12pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:3pt double #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
    <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c-1" decimals="4" id="f-1555" unitRef="number">0.210</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
    <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c-17" decimals="4" id="f-1556" unitRef="number">0.210</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
    <us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome contextRef="c-1" decimals="4" id="f-1557" unitRef="number">0.146</us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome>
    <us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome contextRef="c-17" decimals="4" id="f-1558" unitRef="number">0.245</us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome>
    <us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="c-1" decimals="4" id="f-1559" unitRef="number">0.030</us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
    <us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="c-17" decimals="4" id="f-1560" unitRef="number">0.030</us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
    <us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments contextRef="c-1" decimals="4" id="f-1561" unitRef="number">-0.035</us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>
    <us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments contextRef="c-17" decimals="4" id="f-1562" unitRef="number">0.003</us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>
    <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c-1" decimals="4" id="f-1563" unitRef="number">0</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
    <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c-17" decimals="4" id="f-1564" unitRef="number">0</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
    <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c-1" decimals="4" id="f-1565" unitRef="number">0.059</us-gaap:EffectiveIncomeTaxRateContinuingOperations>
    <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c-17" decimals="4" id="f-1566" unitRef="number">-0.002</us-gaap:EffectiveIncomeTaxRateContinuingOperations>
    <us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="c-7" decimals="-5" id="f-1567" unitRef="usd">72600000</us-gaap:DeferredTaxAssetsLiabilitiesNet>
    <us-gaap:DeferredTaxLiabilities contextRef="c-7" decimals="-5" id="f-1568" unitRef="usd">149900000</us-gaap:DeferredTaxLiabilities>
    <us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c-7" decimals="INF" id="f-1569" unitRef="usd">0</us-gaap:DeferredTaxAssetsValuationAllowance>
    <us-gaap:OperatingLossCarryforwards contextRef="c-7" decimals="-5" id="f-1570" unitRef="usd">61500000</us-gaap:OperatingLossCarryforwards>
    <us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration contextRef="c-7" decimals="-5" id="f-1571" unitRef="usd">7900000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration>
    <us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration contextRef="c-7" decimals="-5" id="f-1572" unitRef="usd">53600000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration>
    <us-gaap:DeferredTaxAssetsCapitalLossCarryforwards contextRef="c-7" decimals="-5" id="f-1573" unitRef="usd">31500000</us-gaap:DeferredTaxAssetsCapitalLossCarryforwards>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="c-1" id="f-1574">&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;17. &#160;SEGMENTS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;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&#x2019;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&#x2019;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&#x2019;s economic return (computed as the change in stockholders&#x2019; equity attributable to common stockholders plus common stock dividends declared divided by the prior period&#x2019;s stockholders&#x2019; 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.&lt;/span&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the reportable operating segments related to the Company&#x2019;s results of operations for the three months ended March 31, 2025 and 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:42.051%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.767%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.653%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Resi-credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;MSR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Corporate &amp;amp; Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Consolidated&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;849,200&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;466,853&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,317,108&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;718,253&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;378,174&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;710&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,097,137&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,947&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;88,679&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;345&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;219,971&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;140,435&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;140,435&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,113&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,113&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net servicing income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;126,322&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;126,322&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(166,925)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,090&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,961)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,861)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(159,657)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Total general and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,316&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;15,506&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,393&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,849&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;48,064&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income (loss) before income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,294)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,263&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;113,968&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,365)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;138,572&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;290&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(524)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,510&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(9)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,787&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,305&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Net income (loss) attributable to noncontrolling interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;124,224&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(44,513)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,067&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unrealized gains (losses) on available-for-sale securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;164,877&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;164,877&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reclassification adjustment for net (gains) losses included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;65,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;65,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;176,696&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,787&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;360,585&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Comprehensive income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;176,696&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;354,504&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Noncash investing and financing activities:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Receivable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,306&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;217&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,523&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Payable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,220,276&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;84,498&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,304,774&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends declared, not yet paid&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,429,198&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,678,639&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,849,181&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;158,328&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,115,346&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:42.051%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.767%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.653%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Resi-credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;MSR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Corporate &amp;amp; Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Consolidated&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;781,926&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;309,008&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,554&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,094,488&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;846,771&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;251,862&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,306&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,100,939&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(64,845)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;57,146&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,248&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,451)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;115,084&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;115,084&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net servicing income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;102,868&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;102,868&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;300,952&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;105,366&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(870)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;936&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;406,384&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Total general and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;15,588&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,674&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,594&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,714&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;38,570&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income (loss) before income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;220,519&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,838&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,404&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;470&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;464,231&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;607&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,679)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(20)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;151,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;465,174&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Net income (loss) attributable to noncontrolling interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;462,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(36,571)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;425,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unrealized gains (losses) on available-for-sale securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(281,869)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(281,869)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reclassification adjustment for net (gains) losses included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;335,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;335,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;273,394&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;151,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;518,656&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Comprehensive income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;273,394&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;516,374&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Noncash investing and financing activities:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Receivable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;907,634&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;28,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;941,366&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Payable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,430,956&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;125,842&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,556,798&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends declared, not yet paid&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,485,685&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,525,612&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,209,074&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;263,175&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;91,483,546&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:NumberOfReportableSegments
      contextRef="c-1"
      decimals="INF"
      id="f-1575"
      unitRef="segment">3</us-gaap:NumberOfReportableSegments>
    <us-gaap:NumberOfOperatingSegments
      contextRef="c-1"
      decimals="INF"
      id="f-1576"
      unitRef="segment">3</us-gaap:NumberOfOperatingSegments>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="c-1" id="f-1577">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following tables present the reportable operating segments related to the Company&#x2019;s results of operations for the three months ended March 31, 2025 and 2024:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:42.051%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.767%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.653%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Resi-credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;MSR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Corporate &amp;amp; Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Consolidated&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;849,200&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;466,853&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,055&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,317,108&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;718,253&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;378,174&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;710&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,097,137&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,947&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;88,679&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;345&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;219,971&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;140,435&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;140,435&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,113&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;14,113&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net servicing income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;126,322&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;126,322&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(166,925)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;12,090&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(2,961)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(1,861)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(159,657)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Total general and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;17,316&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;15,506&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;9,393&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;5,849&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;48,064&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income (loss) before income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,294)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,263&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;113,968&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,365)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;138,572&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;290&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(524)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,510&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(9)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;8,267&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,787&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;130,305&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Net income (loss) attributable to noncontrolling interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;124,224&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;37,157&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(53,584)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(44,513)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;87,067&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unrealized gains (losses) on available-for-sale securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;164,877&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;164,877&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reclassification adjustment for net (gains) losses included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;65,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;65,403&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;176,696&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;85,787&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;360,585&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;6,081&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Comprehensive income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;176,696&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;79,706&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,458&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(7,356)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;354,504&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Noncash investing and financing activities:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Receivable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,306&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;217&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,523&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Payable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,220,276&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;84,498&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,304,774&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;230,280&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends declared, not yet paid&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#x2014;&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;421,637&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;70,429,198&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;30,678,639&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,849,181&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;158,328&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;105,115,346&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:42.051%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.651%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:8.767%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:13.627%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:9.653%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="18" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Three Months Ended March 31, 2024&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Agency&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Resi-credit&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;MSR&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Corporate &amp;amp; Other&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Consolidated&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest income&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;781,926&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;309,008&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,554&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,094,488&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Interest expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;846,771&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;251,862&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,306&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,100,939&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net interest income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(64,845)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;57,146&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,248&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(6,451)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;115,084&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;115,084&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Servicing and related expense&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,216&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net servicing income&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;102,868&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;102,868&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;300,952&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;105,366&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(870)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;936&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;406,384&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Total general and administrative expenses&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;15,588&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;12,674&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;8,594&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;1,714&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;38,570&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income (loss) before income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;220,519&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,838&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,404&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;470&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;464,231&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Income taxes&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;607&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(1,679)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(20)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(943)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;151,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;465,174&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Less: Net income (loss) attributable to noncontrolling interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;462,892&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends on preferred stock&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;37,061&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net income (loss) available (related) to common stockholders&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;219,912&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(36,571)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;425,831&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Unrealized gains (losses) on available-for-sale securities&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(281,869)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;(281,869)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Reclassification adjustment for net (gains) losses included in net income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;335,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;335,351&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Other comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss)&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;273,394&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;151,517&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;518,656&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Comprehensive income (loss) attributable to noncontrolling interests&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,282&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Comprehensive income (loss) attributable to Annaly&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;273,394&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;149,235&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;93,255&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;490&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;516,374&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Noncash investing and financing activities:&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Receivable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;907,634&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;5,000&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;28,732&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;941,366&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Payable for unsettled trades&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,430,956&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;125,842&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2,556,798&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;53,482&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Dividends declared, not yet paid&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;325,286&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="15" style="background-color:#083b92;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total assets&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;66,485,685&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;21,525,612&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;3,209,074&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;263,175&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;91,483,546&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000;border-right:0.5pt solid #000;padding:0 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    <nly:RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock contextRef="c-1" id="f-1838">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;18. &#160;RISK MANAGEMENT&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The primary risks to the Company are liquidity and funding risk, investment/market risk, credit risk and operational risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company&#x2019;s control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest earning assets and the interest expense incurred in connection with the interest bearing liabilities, by affecting the spread between the interest earning assets and interest bearing liabilities. Changes in the level of interest rates can also affect the value of the interest earning assets and the Company&#x2019;s ability to realize gains from the sale of these assets. A decline in the value of the interest earning assets pledged as collateral for borrowings under repurchase agreements and derivative contracts could result in the counterparties demanding additional collateral or liquidating some of the existing collateral to reduce borrowing levels.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company may seek to mitigate the potential financial impact of these risks by entering into interest rate agreements such as interest rate swaps, interest rate swaptions and other hedges. &lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Weakness in the mortgage market, the shape of the yield curve, changes in the expectations for the volatility of future interest rates and deterioration of financial conditions in general may adversely affect the performance and market value of the Company&#x2019;s investments. This could negatively impact the Company&#x2019;s book value.&#160;Furthermore, if many of the Company&#x2019;s lenders are unwilling or unable to provide additional financing, the Company could be forced to sell its&#160;investments at an inopportune time&#160;when prices are depressed. The Company has established policies and procedures for mitigating risks, including conducting scenario and sensitivity analyses and utilizing a range of hedging strategies.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The payment of principal and interest on the Freddie Mac and Fannie Mae Agency mortgage-backed securities, which exclude CRT securities issued by Freddie Mac and Fannie Mae, is guaranteed by those respective agencies and the payment of principal and interest on Ginnie Mae Agency mortgage-backed securities is backed by the full faith and credit of the U.S. government.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company faces credit risk on the portions of its portfolio which are not guaranteed by the respective Agency or by the full faith and credit of the U.S. government. The Company is exposed to credit risk on commercial mortgage-backed securities, residential mortgage loans, CRT securities and other non-Agency mortgage-backed securities. MSR values may also be adversely impacted by rising borrower delinquencies which would reduce servicing income and increase overall costs to service the underlying mortgage loans. The Company is exposed to risk of loss if an issuer, borrower or counterparty fails to perform its obligations under contractual terms. The Company has established policies and procedures for mitigating credit risk, including reviewing and establishing limits for credit exposure, limiting transactions with specific counterparties, pre-purchase due diligence, maintaining qualifying collateral, continually assessing the creditworthiness of issuers, borrowers and counterparties, credit rating monitoring and active servicer oversight.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company depends on third party service providers to perform various business processes related to its operations, including mortgage loan servicers and sub-servicers. The Company&#x2019;s vendor management policy establishes procedures for engaging, onboarding and monitoring the performance of third party vendors. For mortgage loan servicers and sub-servicers, these procedures include assessing a vendor&#x2019;s financial health as well as oversight of its compliance with applicable laws and regulations, cybersecurity and business continuity programs and security of personal information.&lt;/span&gt;&lt;/div&gt;</nly:RiskAssociatedWithInvestmentsInMortgageLoansAndMortgageBackedSecuritiesDisclosureTextBlock>
    <us-gaap:LesseeOperatingLeasesTextBlock contextRef="c-1" id="f-1839">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;19. &#160;LEASE COMMITMENTS AND CONTINGENCIES &lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The Company&#x2019;s operating leases are primarily comprised of corporate office leases with remaining lease terms of approximately three years and seventeen years. The corporate office leases include options to extend for up to five years, however the extension terms were not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the three months ended March 31, 2025 and 2024 was $1.1 million and $0.8 million,  respectively.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Supplemental information related to leases as of and for the three months ended March 31, 2025 was as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.356%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:38.414%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.655%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.631%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:6pt"&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Operating Leases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Classification&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:6pt"&gt;&lt;td colspan="9" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Operating lease right-of-use assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&lt;span style="-sec-ix-hidden:f-1846"&gt;Other assets&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;27,523&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Operating lease liabilities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&lt;span style="-sec-ix-hidden:f-1848"&gt;Other liabilities&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Lease term and discount rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Weighted average remaining lease term&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;16.8 years&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Weighted average discount rate&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7.0%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash paid for amounts included in the measurement of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Operating cash flows from operating leases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,028&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;For the Company&#x2019;s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides details related to maturities of lease liabilities:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:53.362%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:52.598%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.202%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity of Lease Liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Years ending December 31,&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2025 (remaining)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,121&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;261&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2027&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,503&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2028&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,854&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2029&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,831&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Later years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,041&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total lease payments&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,611&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less imputed interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;36,505&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Present value of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="6" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"&gt;Contingencies&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company&#x2019;s consolidated financial statements. There were no material contingencies at March 31, 2025 and December 31, 2024.&lt;/span&gt;&lt;/div&gt;</us-gaap:LesseeOperatingLeasesTextBlock>
    <us-gaap:LesseeOperatingLeaseRemainingLeaseTerm contextRef="c-410" id="f-1840">P3Y</us-gaap:LesseeOperatingLeaseRemainingLeaseTerm>
    <us-gaap:LesseeOperatingLeaseRemainingLeaseTerm contextRef="c-411" id="f-1841">P17Y</us-gaap:LesseeOperatingLeaseRemainingLeaseTerm>
    <us-gaap:LesseeOperatingLeaseRenewalTerm contextRef="c-7" id="f-1842">P5Y</us-gaap:LesseeOperatingLeaseRenewalTerm>
    <us-gaap:OperatingLeaseCost contextRef="c-1" decimals="-5" id="f-1843" unitRef="usd">1100000</us-gaap:OperatingLeaseCost>
    <us-gaap:OperatingLeaseCost contextRef="c-17" decimals="-5" id="f-1844" unitRef="usd">800000</us-gaap:OperatingLeaseCost>
    <nly:LesseeOperatingLeasesSupplementalInformationTableTextBlock contextRef="c-1" id="f-1845">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;Supplemental information related to leases as of and for the three months ended March 31, 2025 was as follows:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.356%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:38.414%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:31.655%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.631%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:6pt"&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Operating Leases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Classification&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" rowspan="2" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;March 31, 2025&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:6pt"&gt;&lt;td colspan="9" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="6" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Operating lease right-of-use assets&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&lt;span style="-sec-ix-hidden:f-1846"&gt;Other assets&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;27,523&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Operating lease liabilities&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&lt;span style="-sec-ix-hidden:f-1848"&gt;Other liabilities&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Lease term and discount rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Weighted average remaining lease term&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;16.8 years&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:6.75pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Weighted average discount rate&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"&gt; (1)&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#e5e5e5;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;7.0%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="background-color:#083b92;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Cash paid for amounts included in the measurement of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&#160;&#160;Operating cash flows from operating leases&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;1,028&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="padding-left:9pt;text-indent:-9pt"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"&gt;(1) &lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"&gt;For the Company&#x2019;s leases that do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nly:LesseeOperatingLeasesSupplementalInformationTableTextBlock>
    <us-gaap:OperatingLeaseRightOfUseAsset contextRef="c-7" decimals="-3" id="f-1847" unitRef="usd">27523000</us-gaap:OperatingLeaseRightOfUseAsset>
    <us-gaap:OperatingLeaseLiability contextRef="c-7" decimals="-3" id="f-1849" unitRef="usd">28106000</us-gaap:OperatingLeaseLiability>
    <us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="c-7" id="f-1850">P16Y9M18D</us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
    <us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="c-7" decimals="3" id="f-1851" unitRef="number">0.070</us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
    <us-gaap:OperatingLeasePayments contextRef="c-1" decimals="-3" id="f-1852" unitRef="usd">1028000</us-gaap:OperatingLeasePayments>
    <us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock contextRef="c-1" id="f-1853">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;The following table provides details related to maturities of lease liabilities:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:center"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:53.362%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:52.598%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:45.202%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Maturity of Lease Liabilities&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#083b92;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Years ending December 31,&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#083b92;border-right:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;(dollars in thousands)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2025 (remaining)&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,121&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2026&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;261&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2027&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;2,503&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2028&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,854&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;2029&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;3,831&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Later years&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;52,041&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Total lease payments&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;64,611&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#dbdbdb;border-left:0.5pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;Less imputed interest&lt;/span&gt;&lt;/td&gt;&lt;td colspan="2" style="background-color:#dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;36,505&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#dbdbdb;border-right:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#ffffff;border-left:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;Present value of lease liabilities&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;$&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%"&gt;28,106&lt;/span&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="background-color:#ffffff;border-bottom:3pt double #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:3pt"&gt;&lt;td colspan="6" style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear contextRef="c-7" decimals="-3" id="f-1854" unitRef="usd">2121000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="c-7" decimals="-3" id="f-1855" unitRef="usd">261000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="c-7" decimals="-3" id="f-1856" unitRef="usd">2503000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="c-7" decimals="-3" id="f-1857" unitRef="usd">3854000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour contextRef="c-7" decimals="-3" id="f-1858" unitRef="usd">3831000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour>
    <nly:LesseeOperatingLeaseLiabilityToBePaidAfterYearFour contextRef="c-7" decimals="-3" id="f-1859" unitRef="usd">52041000</nly:LesseeOperatingLeaseLiabilityToBePaidAfterYearFour>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="c-7" decimals="-3" id="f-1860" unitRef="usd">64611000</us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
    <us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount contextRef="c-7" decimals="-3" id="f-1861" unitRef="usd">36505000</us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount>
    <us-gaap:OperatingLeaseLiability contextRef="c-7" decimals="-3" id="f-1862" unitRef="usd">28106000</us-gaap:OperatingLeaseLiability>
    <us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="c-1" id="f-1863">From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company&#x2019;s consolidated financial statements.</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
    <us-gaap:LossContingencyAccrualAtCarryingValue contextRef="c-7" decimals="-5" id="f-1864" unitRef="usd">0</us-gaap:LossContingencyAccrualAtCarryingValue>
    <us-gaap:LossContingencyAccrualAtCarryingValue contextRef="c-8" decimals="-5" id="f-1865" unitRef="usd">0</us-gaap:LossContingencyAccrualAtCarryingValue>
    <us-gaap:SubsequentEventsTextBlock contextRef="c-1" id="f-1866">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:98.900%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"&gt;&lt;div style="text-align:justify"&gt;&lt;span style="color:#031f48;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%"&gt;20. &#160;SUBSEQUENT EVENTS&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:5pt"&gt;&lt;td colspan="3" style="border-top:1pt solid #00316c;padding:0 1pt"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In April 2025, the Company completed and closed two securitizations of residential mortgage loans, OBX 2025-NQM6, with a face value of $553.2&#160;million, and OBX 2025-NQM7, with a face value of $572.4&#160;million. These securitizations represent  financing transactions which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;In April 2025, the Company upsized capacity of an existing credit facility by $100&#160;million for the Company&#x2019;s residential mortgage loans.&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;On May 8, 2025, the Company entered into separate Distribution Agency Agreements with certain sales agents, which agreements terminated and replaced the Prior Sales Agreements. For additional information, see &#x201c;Part II&#x2014;Item 5. Other Information&#x2014;Current At-the-Market Sales Program.&#x201d;&lt;/span&gt;&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
    <nly:NumberOfClosedSecuritizations
      contextRef="c-457"
      decimals="INF"
      id="f-1867"
      unitRef="securitization">2</nly:NumberOfClosedSecuritizations>
    <us-gaap:PrincipalAmountOutstandingOnLoansSecuritized contextRef="c-458" decimals="-5" id="f-1868" unitRef="usd">553200000</us-gaap:PrincipalAmountOutstandingOnLoansSecuritized>
    <us-gaap:PrincipalAmountOutstandingOnLoansSecuritized contextRef="c-459" decimals="-5" id="f-1869" unitRef="usd">572400000</us-gaap:PrincipalAmountOutstandingOnLoansSecuritized>
    <nly:LineOfCreditFacilityMaximumBorrowingCapacityIncrease contextRef="c-460" decimals="-6" id="f-1870" unitRef="usd">100000000</nly:LineOfCreditFacilityMaximumBorrowingCapacityIncrease>
    <ecd:MtrlTermsOfTrdArrTextBlock contextRef="c-1" id="f-1871">&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"&gt;During the quarter ended March 31, 2025, no director or officer of the Company adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, each as defined in Item 408 of Regulation S-K, except as set forth below:&lt;/span&gt;&lt;/div&gt;&lt;div style="margin-bottom:6pt;text-align:justify"&gt;&lt;table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"&gt;&lt;tr&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:18.052%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:19.367%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:32.087%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;td style="width:1.0%"&gt;&lt;/td&gt;&lt;td style="width:26.094%"&gt;&lt;/td&gt;&lt;td style="width:0.1%"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Name and Title&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Date of Adoption of Rule 10b5-1 Trading Plan&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Duration of 10b5-1 Trading Arrangements&lt;/span&gt;&lt;/td&gt;&lt;td colspan="3" style="background-color:#031f48;border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"&gt;&lt;span style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%"&gt;Aggregate Number of Securities to be Purchased or Sold&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;td colspan="3" style="display:none"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height:15pt"&gt;&lt;td colspan="3" rowspan="2" style="border-left:0.5pt solid #000;border-right:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"&gt;&lt;div&gt;&lt;span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"&gt;Steven F. 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